AI21 Labs, a Tel Aviv, Israel-based Artificial Intelligence startup which specialized in AI that can fundamentally change the way we can read and write, announced that it completed $64 million in Series B funding.
The round was led by Ahren, with participation from existing investors, including Prof. Amnon Shashua, Walden Catalyst, Pitango, TPY Capital, and Mark Leslie.
The latest round brings the firm’s total fundraising to $118 million and brings the company's valuation to $664 million. The funding will be used to invest in R&D and recruit new marketing and sales employees.
Company: AI21 Labs Ltd.
Round: Series B
Funding Month: July 2022
Lead Investors: Ahren Innovation Capital
Additional Investors: Prof. Amnon Shashua, Walden Catalyst, Pitango, TPY Capital, and Mark Leslie
Company Website: https://www.ai21.com/
Software Category: Natural Language Processing
About the Company: Founded in 2017, AI21 Labs specializes in AI-powered language services by developing Natural Language Processing (NLP). It 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. Its clients include companies like Publicis and Latitude. The company has launched several products, including Word Tune, 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 analyses and summarises documents in seconds, enabling users to read long and complex text quickly and efficiently.