The media reports that the startup Glean, which operates in the artificial intelligence industry, is currently in active negotiations on raising funds for $250 million.

Journalists, referring to anonymous insiders, say that as a result of the mentioned deal, which is still likely, but does not belong to the category of a guaranteed business agreement, the startup’s market capitalization will reach $4.5 billion. It is worth noting that this indicator is twice as high as the company’s market value, recorded after another fundraiser held six months ago.

The media also reports that the details of the deal have not yet been finalized.

Glean spokesperson Kate Miller, in a comment for journalists, said that the startup regularly communicates with investors to ensure building the strongest business. Also in this context, it was noted separately that the company did not solidify any plans to raise new investments after the D financing series, which was already announced in the current year.

Kate Miller said that the startup is encouraged by the momentum that it’s seeing with customers. Moreover, it was noted that the company continues to focus on developing a leading artificial intelligence platform for work.

The firm’s revenue has reached $55 million on an annualized basis and could reach $100 million by the end of the current year.

Glean’s product is search software that helps employees find information from across their organizations.

During the previous funding round, which took place in February, the startup raised more than $200 million from investors such as Citigroup, Capital One Ventures, Databricks, and Sequoia.

As we have reported earlier, Ant Group Invests in AI Startup Mita.