Friday Funding: Tome Raises $43 Million

Tome Reaches Lightspeed

Tome, a company developing storytelling software, just raised $43 million in a Series B funding round led by Lightspeed Venture Partners. The AI-powered startup, founded by two former Meta Platforms (META) product managers, is now valued at $300 million.

Although it is still pre-revenue, Tome has already reached 1 million users. In fact, according to the company, it crossed this milestone faster than any other productivity app, including Slack (WORK), Zoom (ZM), and Dropbox (DBX).

What’s AI Storytelling?

Tome uses AI to help users develop strong, unique presentations at a fast rate. It views itself as a rival to legacy presentation tools such as PowerPoint (MSFT) and Google Slides (GOOGL).

Much like OpenAI’s uber-popular ChatGPT, with Tome, users input a prompt and receive AI-generated content in return. However, in this case, rather than written paragraphs, Tome creates a presentation populated with both images and text. Tome can be used to whip up product and design reviews, pitch and sales decks, customer education materials, and more.

Notably, Tome’s management has stated that the presentations aren’t meant to be fully-formed. Rather, the tool creates solid first drafts to be further fine-tuned.

Peace Out PowerPoint?

Tome is just one of many startups building a buzz in recent months, capitalizing on the momentum of ChatGPT. It’s worth keeping an eye on this rapidly evolving space, as more useful AI-powered applications will continue to emerge over the coming months and years.

Tome is still in beta phase, meaning it’s currently free to use, so if you feel your presentation-creating process could use a shake-up, you may want to take advantage while you can. Eventually, Tome plans to charge $10 per month.

If you do try Tome, be sure to give credit where credit’s due. According to the cofounder, a student who used Tome for a high school presentation found out firsthand that the tool is only designed to do part of a task, not all of it. When their teacher found out they’d used AI to complete the project, they were asked to redo it — for partial credit.

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