AI21 Labs, a leading start-up in the field of artificial intelligence (AI) and large language models (LLMs), has successfully concluded a Series C funding round, securing an impressive $155 million. This latest funding round marks the third-largest capital raise by an Israeli company in 2023. The funding will enable AI21 Labs to further develop and enhance its text-based generative AI services, which are specifically tailored for enterprise applications.
The Series C funding round saw the participation of a consortium of investors, including Walden Catalyst, Pitango, SCB10X, b2venture, Samsung Next, as well as major tech giants Google and NVIDIA, who made substantial contributions. With this latest funding secured, AI21 Labs’ total capital raised now exceeds $283 million, propelling the company’s valuation to an impressive $1.4 billion. This significant growth further solidifies AI21 Labs’ position as a key player in the rapidly evolving AI landscape.
One of AI21 Labs’ standout qualities is its dedication to democratizing generative AI, making it accessible to a wider audience. Founded in 2017 by AI luminaries Prof. Amnon Shashua, Prof. Yoav Shoham, and Ori Goshen, the company has been at the forefront of advancing AI technologies. In particular, the emergence of their advanced language model, ChatGPT, in November 2022, marked a pivotal moment in the field of AI and garnered considerable attention from technology companies, researchers, and investors around the world.
What sets AI21 Labs apart is its commitment to developing reliable, trustworthy, and precise large language models and natural language processing technologies. The company has cultivated a diverse client base, ranging from individual consumers to Fortune 100 corporations. AI21 Labs has focused on refining control and delivering superior results compared to standalone models. This is exemplified by their proprietary Jurassic-2 foundation models, which are among the largest and most sophisticated LLMs globally.
AI21 Labs has also made significant strides in integrating generative AI into various professional settings, partnering with companies such as Carrefour, Clarivate, eBay, Guesty, Monday.com, and Ubisoft. These collaborations demonstrate AI21 Labs’ commitment to advancing the industry and optimizing the use of generative AI technology.
The recent funding milestone achieved by AI21 Labs is a testament to the transformative capabilities of generative AI and its increasing importance across industries. Jensen Huang, founder and CEO of NVIDIA, emphasized the significance of accurate and reliable generative AI systems in driving productivity and efficiency for enterprises.
With the influx of funding, AI21 Labs is poised to leverage its expertise and resources to develop the next level of AI, with the capability for reasoning across multiple domains. The impact of AI21 Labs’ growth is expected to extend on a global scale in the near future, further cementing its position as a leader in the field of artificial intelligence.
Source: Original article content based on public information and press release from AI21 Labs.
FAQs:
What is AI21 Labs?
AI21 Labs is a start-up that specializes in artificial intelligence and large language models. They develop advanced generative AI systems and offer tailored text-based AI services for enterprise applications.
How much funding did AI21 Labs secure in its Series C funding round?
AI21 Labs secured a total of $155 million in its Series C funding round, making it the third-largest fundraise by an Israeli company in 2023.
Who were some of the investors in AI21 Labs’ Series C funding round?
The Series C funding round for AI21 Labs included investors such as Walden Catalyst, Pitango, SCB10X, b2venture, Samsung Next, Google, and NVIDIA.
What are some of AI21 Labs’ notable achievements and collaborations?
AI21 Labs has developed proprietary Jurassic-2 foundation models, among the largest and most advanced large language models globally. The company has also collaborated with companies like Carrefour, Clarivate, eBay, Guesty, Monday.com, and Ubisoft to integrate generative AI into professional settings.