AI21 Labs, an Israeli generative AI startup, has successfully concluded a $208 million funding round with the backing of major players such as Intel Capital and Comcast Ventures. This follows closely on the heels of the company's Series C funding round, where it raised $155 million from notable investors, including Google and Nvidia. The latest funding brings AI21's total capital raised to an impressive $336 million.
Founded in 2017 by Amnon Shashua, Yoav Shoham, and Ori Goshen, AI21 Labs is at the forefront of bringing generative AI to a wider audience. Shashua, the CEO, was previously involved in founding Intel's self-driving car unit, Mobileye. The startup focuses on building advanced large language models (LLM) and natural language processing (NLP) technologies to cater to the growing demand for generative AI applications, particularly from enterprise consumers, including Fortune 100 companies such as Amazon.
AI21 Labs is renowned for its proprietary Jurassic-2 foundation model, which powers its flagship developer platform, AI21 Studio. This platform is designed for building custom text-based business applications. Additionally, the company has developed Wordtune, a multilingual reading and writing assistant comparable to Grammarly.
Ori Goshen, Co-CEO of AI21, highlighted that this substantial investment would allow the company to emphasize that "one size doesn’t fit all" in the AI space. He emphasized the importance of enterprises seeking unique AI partners that understand their specific needs. Goshen outlined AI21's approach as being about "designing AI with purpose," making it more efficient and cost-effective than building from scratch.
Yoav Shoham, a professor emeritus of computer science at Stanford University and one of the founders, expressed his belief in an "increasing shift" towards an AI systems approach, defining the next era in computing. He explained that AI21's approach involves enriching LLMs (large language models) with knowledge and reasoning, going beyond statistical inference to create a more flexible architecture.
The recent funding round demonstrates the continued confidence of major investors in AI21 Labs and its vision for advancing generative AI applications. As the demand for sophisticated language models and NLP technologies grows, AI21 Labs aims to play a significant role in shaping the future of AI systems with a comprehensive and purposeful approach.
The success of this funding round positions AI21 Labs as a formidable player in the AI landscape, poised to further innovate and address the evolving needs of enterprises seeking advanced AI solutions.
