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  • Writer's pictureSarah Ruivivar

AI21 labs scores big with Google and Nvidia

Updated: Oct 31, 2023

Who said the AI party is slowing down?

Israel-based AI startup, AI21 Labs, just raised a whopping $155 million in a Series C funding round. The cherry on top? This round included investors like Google and Nvidia, catapulting the company's valuation to a cool $1.4 billion.

But that's not all. Other investors joining the party include Walden Catalyst, Pitango, SCB10X, b2venture, Samsung Next, and Professor Amnon Shashua. To date, AI21 Labs has raised an impressive $283 million.

This latest cash injection is a testament to the booming AI space, with AI21 Labs planning to use the funds to expand its text-based generative AI services for enterprises.

In the world of AI, AI21 Labs is a strong contender, going toe-to-toe with powerhouses like OpenAI and Anthropic. The startup has its own proprietary large language models, known as Jurassic-2. These models are the driving force behind the company's developer platform for building custom text-based business applications and its multilingual reading and writing AI assistant.

Big names like Google and Nvidia investing in generative AI companies is becoming the norm since Microsoft's colossal $10 billion investment into OpenAI earlier this year.

Just a fortnight ago, Anthropic announced a $100 million round from South Korea's largest telco, SK Telecom. As part of the deal, the San Francisco-based AI startup will build a large language model customised for telcos.

In the AI race, it seems big tech is determined not to be left in the dust, even if it means placing multiple bets. With companies like Inflection AI, Runway, and Typeface also securing substantial investments, the AI landscape is certainly heating up. So, buckle up, it's going to be a wild ride!

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