GenAI start-up AI21 Labs added $53 million to a previously-announced Series C-funding round, with added investments from Intel Capital and Comcast Ventures bringing the total capital raised to $336 million and delivering a valuation of $1.4 billion.
The investments build on existing Series-C funding from companies including Samsung Next, Nvidia and Google.
Tel Aviv-based AI21 Labs combines the development of proprietary large language models for enterprises with application development for consumers.
Anthony Lin, corporate VP and head of Intel Capital, stated “a multi-disciplinary approach is needed to deliver AI to the end user”.
“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,” he said.
AI21 Labs noted the additional funds would be used accelerate development of its Task-Specific Models, which uses dedicated APIs that work out-of-the-box for specific reading and writing tasks for developers.
It also sells access to Wordtune, a multilingual reading and writing AI assistant which summarises large documents.
Ori Goshen, co-CEO and co-founder of AI21 Labs stated mass deployment of AI “requires deep understanding of high-performance language models that can deliver better value and impact”.
“Our approach is about designing AI with purpose, making it significantly more efficient than building from scratch and much more cost effective.”
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