Summary

AI21 Labs has closed its oversubscribed Series C funding round at $208 million, adding an additional $53 million. This brings the company’s total funding to $336 million with a valuation of $1.4 billion. The investors in this round include Walden Catalyst, Pitango, SCB10X, b2venture, Samsung Next, Google, and Nvidia. The funding will support AI21’s focus on developing purpose-built enterprise generative AI solutions.

Introduction

AI21 Labs has secured an additional $53 million in funding, closing its Series C funding round at $208 million. The company’s total funding now stands at $336 million, and its valuation is $1.4 billion. The funding will be used to further develop AI21’s generative AI solutions for enterprise customers. Investors in this round include Walden Catalyst, Pitango, SCB10X, b2venture, Samsung Next, Google, and Nvidia.

Main Points

AI21 Labs recently launched an enhanced version of its generative AI writing and reading assistant, Wordtune, for individual and enterprise customers. The new funding will support AI21’s focus on purpose-built enterprise generative AI solutions. The company’s generative AI portfolio includes large language models, APIs, and the AI21 Studio for building generative AI apps. Wordtune, the company’s flagship product, offers features such as text generation, summarization and analysis, rhetorical tools, and integration with Siri and Google Docs. The new version of Wordtune also allows for the creation of business document templates, information summarization from mixed media, and answering queries with linked databases and citations.

Conclusion

AI21 Labs has secured an additional $53 million in funding, closing its Series C funding round at $208 million. This brings the company’s total funding to $336 million, and it now has a valuation of $1.4 billion. The funding will support AI21’s development of purpose-built enterprise generative AI solutions. The company’s flagship product, Wordtune, offers a range of features for individuals and enterprises, including text generation, summarization and analysis, and integration with popular platforms. AI21 aims to design AI with purpose, making it more efficient and cost-effective for mass deployment.