AI21 Labs Secures $155 Million in Capital from Google and Nvidia

AI21 Labs, an Israeli AI startup, announced on Aug 30 that it had raised $155 million in a Series C funding round led by Alphabet's Google and Nvidia.

According to the company, the latest round raised a total of $283 million at a valuation of $1.4 billion.

Companies from banks to big tech have increased their investments in artificial intelligence (AI) after ChatGPT, a generative AI chatbot developed by Microsoft-backed OpenAI, took the world by storm in late 2022.

AI21 is one of a slew of AI startups that have benefited from the boom, attracting a lot of attention from venture capitalists 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, Nvidia's founder and CEO.

Since its inception in 2017, AI21 Labs has amassed a large customer base, ranging from individuals to Fortune 100 corporations.