AI21 Labs, an Israeli-based AI startup, announced a significant milestone on Tuesday, revealing that it has successfully raised $155 million in a Series C funding round.
This funding round attracted investments from major technology players, including Google, a subsidiary of Alphabet Inc., and Nvidia Corporation.
The infusion of funds in this latest round has propelled AI21 Labs’ total capital raised to an impressive $283 million. The valuation of the company has concurrently surged to $1.4 billion, marking a significant achievement for the AI startup, Reuters news report said.
In recent years, organizations, ranging from financial institutions to tech giants, have been intensifying their investments in artificial intelligence (AI), spurred by the widespread popularity of ChatGPT, a generative AI chatbot developed by OpenAI and backed by Microsoft.
AI21 Labs has emerged as one of the beneficiaries of this burgeoning interest in AI. The startup, along with others in the AI sector, has garnered substantial attention from venture capital firms and investors, capitalizing on the growing demand for AI-driven technologies.
Jensen Huang, the Founder and CEO of Nvidia, highlighted the innovative work undertaken by AI21 Labs, emphasizing its potential to boost productivity and efficiency across enterprises through the application of generative AI-based systems.
Established in 2017, AI21 Labs has rapidly built a diverse customer base, catering to both individual consumers and Fortune 100 companies. Its success underscores the company’s commitment to advancing AI technology and its ability to provide solutions that resonate with a wide spectrum of industries.
The infusion of funds from this Series C funding round is expected to further accelerate AI21 Labs’ development efforts and cement its position as a key player in the AI landscape. With support from major industry players like Google and Nvidia, AI21 Labs is poised to continue its growth trajectory and contribute to shaping the future of artificial intelligence-driven innovation.
