AI21, an Israeli-based AI startup, has successfully concluded its Series C funding round, securing an additional $53 million to reach a total of $208 million. This funding, led by Intel Capital and Comcast Ventures, the venture arms of Intel and Comcast, alongside existing investors like Google and NVIDIA, has propelled the company’s valuation to $1.4 billion. The latest capital injection aims to enhance AI21’s global provision of AI technology, diversify its operational domains, and facilitate the recruitment of approximately 100 new employees by the close of 2024.
AI21’s Series C funding journey began in August, initially amassing $155 million, but has since experienced substantial growth in investor interest. This influx of funds underscores the widespread surge in investments across various sectors in artificial intelligence (AI) following the remarkable success of ChatGPT, a generative AI chatbot developed by OpenAI and backed by Microsoft, which gained widespread attention in late 2022.
The unique full-stack offering by AI21 combines foundational AI models with effective applications and operational tools. This integration is designed to empower enterprises to accelerate the adoption of generative AI (GenAI), fostering increased productivity and positively impacting their financial performance.
Anthony Lin, the head of Intel Capital, commented on the AI21 platform, stating, “The AI21 full-stack offering combines foundation models with successful applications and operation tools that will help enterprises accelerate GenAI adoption to increase productivity and affect their bottom and top line.”
Established in 2017, AI21 Labs has successfully cultivated a robust customer base, ranging from individual consumers to Fortune 100 companies. The additional funding is anticipated to fortify AI21’s position in the AI market and contribute to the continued growth and development of the company.