Creator Of ‘World’s Most Advanced’ Generative AI Raises $208M

AI21 Labs, an Israeli company that develops advanced AI technologies to solve complex problems, has raised $208 million in its latest funding round, bringing its valuation to $1.4 billion. 

The Tel Aviv-based startup is the creator of Jurassic-2, a generative AI service that can be used to build text-based applications like virtual assistants, chatbots, text simplification, content moderation, creative writing, and more. 

It says that the service is the “world’s most advanced AI-text generator.” 

The generative AI is already being used by global companies such as eBay, monday.com, Carrefour and Ubisoft. 

The new round of funding brings the company’s total capital raised to $336 million. New investors who participated in the funding round include Intel Capital and Comcast Ventures, the venture arms of both respective corporations. 

AI21 Labs, founded in 2017 by Mobileye founder and CEO Amnon Shashua, will use the recent funds to accelerate the growth of its AI services for enterprises.

“We’re extremely grateful for the support of our investors who believe in our deep technology expertise,” said Ori Goshen, CEO and co-founder of AI21 Labs.

“Mass deployment of AI requires deep understanding of high-performance language models that can deliver better value and impact,” he said.

“Our approach is about designing AI with purpose, making it significantly more efficient than building from scratch, and much more cost effective.”