AI21 Labs Raises $155 Million to Bring Reliable AI to the Enterprise

The Series C funding will accelerate AI21 Labs' ability to provide businesses with reliable and useful natural language AI 

TEL AVIV, Israel, Aug. 30, 2023 /PRNewswire/ -- AI21 Labs, a leader in AI and large language models (LLMs), announced today the closing of $155 million in Series C funding to accelerate the growth of its highly accurate text-based generative AI services for enterprises. Investors include Walden Catalyst, Pitango, SCB10X, b2venture, Samsung Next and Prof. Amnon Shashua with participation from Google and NVIDIA. The new funding brings the company's total capital raised to $283 million at a valuation of $1.4 billion, further strengthening AI21 Labs as a leader among generative AI unicorns.

Founded in 2017 by AI luminaries Prof. Amnon Shasuha, Prof. Yoav Shoham, and Ori Goshen, AI21 Labs was one of the first to bring generative AI to the masses. In stride with growing demand, the company has built a strong customer base serving consumers to Fortune 100 companies with the power of its advanced LLM and natural language (NLP) technologies through easy-to-use applications and APIs.

AI21's unique approach goes beyond models, building AI systems that are easy to integrate and that generate reliable, trustworthy, and accurate results with more refined control than any standalone existing model.

AI21's proprietary Jurassic-2 foundation models are some of the world's largest and most sophisticated LLMs. Jurassic-2 powers AI21 Studio, a developer platform for building custom text-based business applications off of AI21's language models; and Wordtune, a multilingual reading and writing AI assistant for professionals and consumers.

Chairman Prof. Amnon Shashua said, "AI21 Labs is a pure play in AI as it develops and owns foundation models which are served as a platform to developers and enterprises, while developing derivatives, such as Wordtune, directly to end users. The current round fuels the growth of the company to reach its goal of developing the next-level of AI with the capabilities of reasoning across many domains. We believe that the impact of AI21 Labs growth plans would be of a global scale and quite soon."

Added co-CEOs Prof. Yoav Shoham and Ori Goshen: "We are grateful for this vote of confidence by current and new investors. AI21 Labs' cutting edge technology, including leading large language models and neurosymbolic technology, provides the robustness, predictability and explainability required in the era of AI-first enterprises. We look forward to continuing this journey with our investors, partners and customers".

"Generative AI is driving a new era of computing across every industry," said Jensen Huang, founder and CEO of NVIDIA. "The innovative work by the AI21 Labs team will help enterprises accelerate productivity and efficiency with generative AI-based systems that are accurate, trustworthy, and reliable."

The new funding comes on the heels of AI21's recent strides to bring generative AI to enterprises and professionals. This includes collaborations with market-leading customers in diverse sectors, among them Carrefour, Clarivate, eBay, Guesty, Monday.com and Ubisoft. The company was also named on the first ever CB Insights GenAI 50 List of Most Innovative Generative AI Startups.

Goldman Sachs served as sole financial advisor to AI21 in this round.

About AI21 Labs
AI21 Labs is a leader in generative AI and Large Language Models, with the mission to empower businesses with state-of-the-art LLMs and AI applications. Founded in 2017, it was among the first companies to bring generative AI to the masses and, to date, offers consumer applications and enterprise solutions. With the developer platform AI21 Studio, businesses can build their own generative AI-driven applications and services with the world's most advanced family of language models, Jurassic-2. AI21 Labs' consumer product, Wordtune, is the first AI-based reading and writing assistant to understand context and meaning, enabling its millions of users to refine and generate text or read and summarize text within seconds. For more information, please visit www.AI21.com.

SOURCE AI21 Labs