Tel Aviv, Israel-based leader in AI and large language models (LLMs), AI21 Labs closed its Series C funding with USD 155 million. The company announced the closure on August 30, 2023. Walden Catalyst, Pitango, SCB10X, b2venture, Samsung Next, Prof. Amnon Shashua, Google as well as NVIDIA joined in the funding. So far, the company’s total capital raised to USD 283 million at a valuation of USD 1.4 billion.
Purpose of financing for AI21 Labs
With the latest financing, AI21 Labs seeks to accelerate the growth of its highly accurate text-based generative AI services for enterprises. The latest Series C funding further strengthens AI21 Labs as a leader among generative AI unicorns.
What the company’s official has to add
Chairman Prof. Amnon Shashua, founder of the company, said, “AI21 Labs is a pure play in AI as it develops and owns foundation models which are served as a platform to developers and enterprises, while developing derivatives, such as Wordtune, directly to end users. The current round fuels the growth of the company to reach its goal of developing the next level of AI with the capabilities of reasoning across many domains. We believe that the impact of AI21 Labs growth plans would be of a global scale and quite soon.”
In addition, co-CEOs Prof. Yoav Shoham, as well as Ori Goshen stated, “We are grateful for this vote of confidence by current and new investors. AI21 Labs’ cutting-edge technology, including leading large language models and neurosymbolic technology, provides the robustness, predictability and explainability required in the era of AI-first enterprises. We look forward to continuing this journey with our investors, partners and customers”.
What the investors have to comment
Jensen Huang, founder and CEO of NVIDIA, further said, “Generative AI is driving a new era of computing across every industry. The innovative work by the AI21 Labs team will help enterprises accelerate productivity and efficiency with generative AI-based systems that are accurate, trustworthy, and reliable.”
About the company
AI luminaries Prof. Amnon Shasuha, Prof. Yoav Shoham, and Ori Goshen launched the company in 2017. AI21 Labs is one of the first to bring generative AI to the masses. The company’s strong customer base caters to Fortune 100 companies leveraging the power of its advanced LLM and natural language (NLP) technologies through easy-to-use applications and APIs. The company also enjoys collaborations with market-leading customers in diverse sectors, such as Carrefour, Clarivate, eBay, Guesty, Monday.com and Ubisoft.
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