Tel Aviv-based startup AI21 Labs has recently secured $155 million in a Series C funding round led by Walden Catalyst, Pitango, SCB10X, b2venture, Samsung Next, and Intel-owned Mobileye founder Amnon Shashua. Other participants in the funding round include Google and Nvidia. This latest funding brings AI21 Labs’ total raised to $283 million, valuing the company at $1.4 billion.
AI21 Labs, founded in 2017, has focused on developing a range of text-generating AI tools. Its flagship product, AI21 Studio, is a developer platform for creating custom text-based business applications using AI21’s proprietary text-generating AI models. The startup also offers Wordtune, a multilingual reading and writing AI assistant.
AI21 Labs differentiates itself from competitors by leveraging large and sophisticated language models, providing more refined control and up-to-date data training. This allows the company’s AI systems to generate reliable and accurate results. The startup’s models support multiple languages, including Spanish, German, Italian, and Dutch.
With the latest funding, AI21 Labs plans to accelerate its research and development efforts to take AI to the next level. The company aims to enhance its capabilities in reasoning across various domains. Additionally, AI21 Labs intends to form more partnerships and expand its workforce of 200 employees, with a focus on research and business development roles.
As AI21 Labs continues to grow, its products are gaining traction in the market. Wordtune alone boasts over 10 million users, and the startup was a launch partner for Amazon’s generative AI app development platform, Bedrock. The funding will help support the capital-intensive process of developing large language models, which requires substantial investments.
AI21 Labs is committed to responsible growth and providing trustworthy AI solutions to its customers. The startup aims to deliver the most up-to-date and reliable AI technology to meet the evolving needs of businesses and industries.
Frequently Asked Questions (FAQ)
What is AI21 Labs?
AI21 Labs is a Tel Aviv-based startup specializing in the development of text-generating AI tools. Its flagship product is AI21 Studio, a developer platform for building custom text-based business apps. The startup also offers Wordtune, a multilingual reading and writing AI assistant.
How much funding did AI21 Labs raise in its Series C round?
AI21 Labs raised $155 million in its Series C funding round, bringing its total raised to $283 million.
Who are the key investors in AI21 Labs?
Walden Catalyst, Pitango, SCB10X, b2venture, Samsung Next, and Intel-owned Mobileye founder Amnon Shashua led the Series C funding round. Other participants include Google and Nvidia.
What are AI21 Labs’ future plans?
With the latest funding, AI21 Labs aims to accelerate its research and development efforts to advance AI technology. The company plans to develop the next level of AI with improved reasoning capabilities across various domains. AI21 Labs also intends to form partnerships with companies across the tech ecosystem and expand its workforce, focusing on research and business development roles.