AI21 Labs, a Tel Aviv, Israel-based startup aiming to fundamentally change the way people read and write, closed a $64m series B funding round, bringing the company’s valuation to $664 million.
The round was led by Ahren with participation from existing investors, including Prof. Amnon Shashua, Walden Catalyst, Pitango, TPY Capital and Mark Leslie. The current round brings the company’s total fundraising to $118 million. Ahren will become a founding member of AI21 Labs’ Advisory Board.
The funding will be used to invest in R&D and recruit new marketing and sales employees.
AI21 Labs specializes in Natural Language Processing (NLP) and has built AI21 Studio, an NLP-as-a-Service developer platform where developers can purchase state-of-the-art pre-trained and custom language models to build text-based applications, serving companies like Publicis and Latitude. AI21 Studio also features the company’s newest product, Jurassic-X, an advanced natural language processing system that can handle tasks that lie beyond the reach of neural models alone.
The company has launched several products, including Wordtune, a browser extension with millions of active users that was chosen by Google as one of its favorite extensions for 2021, as well as Wordtune Read, which analyzes and summarizes documents in seconds, enabling users to read long and complex text quickly and efficiently.
FinSMEs
12/07/2022