AI21 Labs, a generative AI startup, secures $155M funding and is valued at $1.4B

August 30 2023
AI21 Labs, a Tel Aviv-based startup that develops text-generating AI tools, has raised $155 million in a Series C funding round, taking its total funding to $283 million and valuing the company at $1.4 billion. Co-founded in 2017 by Amnon Shashua, the founder of Intel-owned Mobileye, AI21 Labs came out of stealth in October 2020 with the launch of Wordtune, an AI writing tool. AI21 Labs’ main product is AI21 Studio, a developer platform for building custom text-based business apps. The company has grown since its inception, doubling its workforce and planning to add more employees. Despite competing with well-funded firms like OpenAI, AI21 Labs asserts it delivers more refined and reliable results.
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What does it mean?

  • Series C funding round: A type of funding in the venture capital industry. It's a company's third significant venture capital financing round, given to mature startups to help them expand and grow further.
  • Valuation: The estimated worth of a company. In the context of startups, it usually refers to the value a company is believed to have in the eyes of its investors.
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