Productive AI Startup AI21 Labs Receives Investment 01

AI21 Labs, which develops artificial intelligence and large language models (LLMs), announced the closing of a $155 million Series C financing at a valuation of $1.4 billion. Investors include Walden Catalyst, Pitango, SCB10X, b2venture, Samsung Next and Prof. Amnon Shashua, with participation from Google and Nvidia. The new fund brings the company's total capitalisation to $283 million.

Also Read: Moxie Receives Investment for Medical Spa Centres

AI21 Labs

AI21 Labs was founded in 2017. It was founded by Prof. Amnon Shashua, Prof. Yoav Shoham and Ori Goshen, who also co-founded Mobileye. It was one of the first companies to bring generative AI to the masses. The company's text-based generative AI services with advanced LLM and natural language (NLP) technologies serve both consumers and Fortune 100 companies. The company is currently estimated to generate annual revenues of around $50-60 million. AI21 employs approximately 200 people. It plans to hire 100 more people next year. AI21's proprietary Jurassic-2 base models are some of the largest and most advanced LLMs in the world. Jurassic-2 supports AI21 Studio, a developer platform for building custom text-based business applications from AI21's language models. The new funding follows AI21's recent partnerships with clients across a range of industries, including Carrefour, Clarivate, eBay, Guesty, Monday.com and Ubisoft.