AI21 Labs, an Israeli AI startup, announced on Tuesday that it had raised $155 million in a Series C funding round, in which Nvidia and Alphabet’s Google participated.
According to the company, AI21 has now raised $283 million in total at a valuation of $1.4 billion.
After ChatGPT, a generative AI chatbot developed by Microsoft-backed OpenAI, took the world by storm in late 2022, companies worldwide—from banks to big tech—have increased their investments in AI.
Several AI startups have benefited from this boom, including AI21, which has drawn significant interest from venture capital firms and other investors.
“The innovative work by the AI21 Labs team will help enterprises accelerate productivity and efficiency with generative AI-based systems,” said Jensen Huang, founder and CEO of Nvidia.
Since its inception in 2017, AI21 Labs has built up a substantial customer base, ranging from consumers to Fortune 100 companies.