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Funding
AI21 completes oversubscribed Series C round with USD 208 million
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Nov 21, 2023
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Foundation Models

Nov 21, 2023

AI21 completes oversubscribed Series C round with USD 208 million

Funding

  • AI21, an enterprise AI systems developer, raised USD 208 million in a Series C financing round. The funding round was led by Intel Capital and Comcast Ventures, alongside other undisclosed investors. This values the company at USD 1.4 billion and brings its cumulative funds raised to USD 336 million.

  • With the new funds, AI21 plans to promote its proprietary outlook of making AI purposes more specific, challenging the conventional "one size fits all" approach.

  • Analyst QuickTake: Competing with OpenAI and other players in the field, AI21 positions itself as a more holistic system, integrating knowledge and reasoning into its GenAI models. This round comes as an extension to the previously announced USD 155 million in August this year. On a separate note, this move could also signal Intel's response to competitors like NVIDIA, emphasizing its commitment to the GenAI landscape.

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