Generative AI Startup AI21 Labs Reaches Unicorn Status With Latest Funding Round

AI21 Labs, a front-runner in the AI domain specializing in large language models (LLMs), declared the completion of a $155 million Series C fundraiser. 

This capital injection aims to propel the expansion of its precise text-generating AI services tailored for businesses. 

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The backers are Walden Catalyst, Pitango, SCB10X, b2venture, and Samsung Next. Noteworthy participants also include Alphabet Inc GOOG GOOGL Google, Nvidia Corp NVDA, and Prof. Amnon Shashua. 

This investment spree elevates AI21 Labs' cumulative funding to $283 million, pegging its valuation at $1.4 billion and solidifying its place among the top-tier generative AI ventures. 

Meanwhile, OpenAI has raised $11.3 billion to date, while Anthropic and Cohere have raked in $1.6 billion and $435 million, respectively, TechCrunch reports.

Established in 2017 by the trio of AI experts - Prof. Amnon Shasuha, Prof. Yoav Shoham, and Ori Goshen, AI21 Labs pioneered the popularization of generative AI. 

Catering to the rising demand, the enterprise boasts a broad clientele, ranging from individual consumers to global Fortune 100 entities.

The enterprise's signature Jurassic-2 base models rank among the most expansive and advanced LLMs globally. 

This model fuels the AI21 Studio – a platform aiding developers in crafting specialized text-centric business apps using AI21's language blueprints. Another notable product is Wordtune, an AI-driven multilingual reading and writing assistant suitable for professionals and general users.

Nvidia's founder and CEO, Jensen Huang, spotlighted the transformative potential of generative AI, lauding AI21 Labs' commitment to equipping businesses with reliable AI-driven tools.

This funding announcement follows AI21 Labs' recent endeavors in proliferating generative AI across professional sectors, partnering with industry leaders like Carrefour, Clarivate Plc CLVT, EBay Inc EBAY, Guesty, Monday.Com Ltd MNDY, and Ubisoft. 

OpenAI reportedly paid up to $700,000 daily to keep the infrastructure hosting ChatGPT up and running. It doled out $540 million in 2022 creating ChatGPT.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.