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AI21 Labs Raises $155 Million in Sequence C Funding
AI21 Labs, a startup based mostly in Tel Aviv, has efficiently raised $155 million in a Sequence C funding spherical. The funding was led by Walden Catalyst, Pitango, SCB10X, b2venture, Samsung Subsequent, and Amnon Shashua, the founding father of Intel-owned Mobileye and co-founder of AI21 Labs. Notable contributors on this funding spherical embody Google and Nvidia. This brings AI21 Labs’ whole raised funds to $283 million, valuing the corporate at $1.4 billion.
Background on AI21 Labs
AI21 Labs was based in 2017 by Amnon Shashua, Yoav Shoham, and Ori Goshen. Shoham, a professor emeritus at Stanford, has beforehand bought two firms to Google. Goshen, alternatively, has co-founded and led a number of profitable Israeli tech firms. The startup’s flagship product is AI21 Studio, a developer platform that enables customers to construct customized text-based enterprise apps utilizing AI21’s proprietary text-generating AI fashions. Additionally they provide Wordtune, a multilingual studying and writing AI assistant.
Competing within the Generative AI House
AI21 Labs faces competitors from different startups and established gamers within the generative AI area similar to Google, AWS, Microsoft, Cohere, OpenAI, and Anthropic. Whereas AI21 Labs could also be at a funding drawback in comparison with a few of its rivals, the corporate’s co-CEO, Yoav Shoham, believes that their options provide superior efficiency and management. Their fashions are developed utilizing state-of-the-art language fashions, educated on up-to-date knowledge, and are designed to reply questions on present occasions precisely.
Growth Plans and Partnerships
The latest funding will permit AI21 Labs to speed up its analysis and growth efforts. The corporate goals to develop the following stage of AI expertise with enhanced reasoning capabilities throughout numerous domains. AI21 Labs additionally plans to ascertain extra partnerships throughout the tech ecosystem and increase its workforce, particularly in analysis and enterprise growth roles. Pankaj Dugar, a former govt at Google and Databricks, has not too long ago joined the corporate as SVP of go-to-market and GM of North America.
Conclusion
AI21 Labs, a text-generating AI startup based mostly in Tel Aviv, has efficiently raised $155 million in a Sequence C funding spherical. With a complete raised quantity of $283 million, the corporate is concentrated on creating cutting-edge AI options for textual content era. Regardless of competitors from different gamers within the area, AI21 Labs believes its options provide superior efficiency and management. The latest funding will allow the corporate to speed up its analysis and growth efforts, increase its partnerships, and develop its proficient workforce.
FAQ
1. What’s AI21 Labs?
AI21 Labs is a startup based mostly in Tel Aviv that focuses on text-generating AI instruments. The corporate presents AI21 Studio, a developer platform for constructing customized text-based enterprise apps, in addition to Wordtune, a multilingual studying and writing AI assistant.
2. Who’re the traders in AI21 Labs?
The Sequence C funding spherical for AI21 Labs was led by Walden Catalyst, Pitango, SCB10X, b2venture, Samsung Subsequent, and Amnon Shashua, the founding father of Intel-owned Mobileye. Google and Nvidia additionally participated within the funding spherical.
3. How does AI21 Labs evaluate to its rivals?
Whereas AI21 Labs might have a decrease funding quantity in comparison with a few of its rivals, the corporate believes its options are superior. Their fashions are developed utilizing superior language fashions, educated on up-to-date knowledge, and provide extra refined management. AI21 Labs’ concentrate on accuracy and reliability units them aside within the generative AI house.
4. What are the growth plans for AI21 Labs?
With the latest funding, AI21 Labs plans to speed up its analysis and growth efforts and develop the following stage of AI. The corporate additionally goals to ascertain extra partnerships and enhance its workforce, notably in analysis and enterprise growth roles.
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