"这符合用户对一个消费类Agent的核心预期。在具体拓展路径上，我们积极推进AI生态的开放战略，与 产业链上下游合作伙伴共建AI时代的消费新生态。以票务出行场景为例，我们将围绕预订、出行前/后 服务等关键环节，通过接入核心合作伙伴逐步扩展能力。"杨宁表示。 面对大厂在AI Agent等方向的潜在竞争，值得买科技表示并不畏惧，杨宁具体谈到，背后主要有两点原 因： 新浪科技讯 9月26日晚间消息，本月初，值得买科技自研的新一代消费智能体"张大妈"App正式版开启 公测。值得买科技方面披露，"在没有做大面积拉新和投放宣传的情况下，单个用户每天平均启动次 数、人均会话轮次均超行业平均。" 第一，准确识别用户消费意图并跨平台满足用户需求的能力。因为有跨平台的历史数据积累，所以能更 精准的识别用户的消费意图；因为有跨平台的服务对接，所以能跨平台地满足用户的需求。 什么值得买产研中心负责人杨宁透露，现在公司研发投入占收入比重大约12%，研发费用里 50% 以上 都是在 AI 上面投入。"因为这是我们的长期战略，整个公司对于 AI 领域的技术投入，是非常笃定的。" 第二，深度任务执行潜力。这是一个需要跟产业链上下游共建的事情 ...

Core Insights - Grammarly's growth has accelerated despite concerns about AI competition, with a recent acquisition of Coda valued at $1.4 billion and a new CEO from Coda [1] - The company has secured $1 billion in funding from General Catalyst's Customer Value Fund (CVF) to expand sales and marketing and pursue strategic acquisitions [1] - Grammarly's daily active users have reached 40 million, with annual revenue exceeding $700 million, marking a significant increase in its annual recurring revenue (ARR) [1] Funding Mechanism - The recent funding is structured as a revenue-sharing investment rather than equity investment, meaning General Catalyst will not dilute Grammarly's shares [2] - This unique investment model allows for a fixed percentage of revenue sharing, with a cap on returns, designed to support late-stage startups with predictable revenue [2] - General Catalyst provides upfront funding equivalent to 80% of the monthly sales and marketing budget, specifically for customer acquisition costs [2] Risk Sharing Mechanism - The CVF model creates a risk-sharing mechanism where General Catalyst assumes losses if customer acquisition fails, while Grammarly must use the funds for agreed growth plans [4] - This arrangement addresses the asset-liability mismatch common in traditional debt financing, making it suitable for SaaS and subscription-based companies [4] - The CVF has already invested in nearly 50 companies, demonstrating its effectiveness in supporting growth [6] Capital Efficiency - The CVF structure is particularly beneficial for companies with ARR over $30 million and customer acquisition cost (CAC) payback periods within 18 months [5] - This model enhances capital efficiency by keeping the financial structure clean and avoiding unnecessary capital costs [7] - The CVF's non-dilutive nature positively impacts company valuation management, allowing founders to retain a larger ownership stake [4][5] Comparison with Traditional Financing - The CVF model contrasts with traditional equity financing, which often leads to significant dilution and lower capital utilization [14] - Unlike debt financing, which has fixed repayment cycles, the CVF aligns capital costs with operational performance, reducing financial strain [14] - The CVF's structured approach to funding customer acquisition allows for precise performance tracking and risk management [16][17] Conclusion - Overall, the CVF mechanism represents an evolution of revenue-sharing models, offering a more refined management assessment system that benefits companies [18]