Tel Aviv, Israel — AI21 Labs, a leading provider of text-based generative AI services, today announced that it has closed a $155 million Series C funding round. The round was led by Walden Catalyst, with participation from Pitango, SCB10X, b2venture, Samsung Next, and Amnon Shashua, as well as Google and Nvidia.
The funding will be used to accelerate the growth of AI21 Labs’ business and to further develop its generative AI platform. The company’s platform is used by enterprises to create a variety of text-based content, including marketing copy, product descriptions, and customer support tickets.
AI21 Labs was founded in 2017 by AI pioneers and technology veterans Amnon Shasuha, Yoav Shoham, and Ori Goshen. The company is headquartered in Tel Aviv, Israel, and has offices in New York City and San Francisco.
Growth of the Generative AI Sector
The generative AI sector is growing rapidly, as businesses are increasingly looking to AI to automate tasks and create new content. According to a recent report by Grand View Research, the global generative AI market is expected to reach $34.8 billion by 2028.
Some other startups that are active in the generative AI sector include:
- OpenAI: OpenAI is a non-profit research company that develops and deploys safe and beneficial artificial general intelligence. The company’s GPT-3 language model is one of the most advanced generative AI models in the world.
- Hugging Face: Hugging Face is a company that develops open-source software for natural language processing. The company’s Transformers library is a popular framework for building generative AI models.
- LaMDA: LaMDA is a language model developed by Google AI. The model is designed to be informative and comprehensive, and it can generate different creative text formats, like poems, code, scripts, musical pieces, emails, letters, etc.
Deal Table for AI21 Labs
|Key People||Investors||Amount Invested||Sector||Funding Round|
|Amnon Shashua, Yoav Shoham, Ori Goshen||Walden Catalyst, Pitango, SCB10X, b2venture, Samsung Next, Google, Nvidia||$155 million||Generative AI||Series C|