AI21 Labs has raised $64 million in a funding spherical to help it compete against OpenAI and different NLP leaders.
Competition in NLP (Natural Language Processing) is heating up. OpenAI is presently seen because the business chief with its GPT-3 mannequin however rivals are gaining traction.
Investors see AI21 Labs as one of the promising contenders.
“We accomplished this spherical throughout a interval of market uncertainty, which highlights the arrogance our traders have in AI21’s imaginative and prescient to change the way in which folks devour and produce data,” stated Ori Goshen, Co-Founder and Co-CEO of AI21 Labs.
“The funding will permit us to speed up the corporate’s international development whereas persevering with to develop superior know-how within the area of pure language processing. We are trying ahead to rising our crew and our choices.”
The newest funding spherical was led by Ahren and brings AI21 Labs’ valuation to $664 million.
“NLP has reached a essential inflection level and AI21 has developed distinctive infrastructure and merchandise to efficiently serve a big and quickly rising market” commented Alice Newcombe-Ellis, Founding and General Partner of Ahren.
“We contemplate this crew to be of the very best calibre, each technically and commercially, main a differentiated firm in a transformative area.”
AI21 Labs’ Jurassic-1 Jumbo mannequin is across the dimension of GPT-3. The firm has been progressively constructing merchandise round it, together with its ‘AI-as-a-Service’ platform AI21 Studio.
One of the consumer-facing merchandise launched by AI21 Labs is Wordtune, an AI writing device with tens of millions of lively customers that was chosen by Google as certainly one of its favorite extensions for 2021.
Another product, Wordtune Read, is ready to analyse and summarise paperwork in seconds—enabling customers to learn lengthy and complicated textual content rapidly and effectively.
A survey final 12 months by John Snow Labs discovered that 60 p.c of budgets for NLP applied sciences elevated by at the very least 10 p.c in 2020, whereas 33 p.c reported a 30 p.c improve and 15 p.c stated their price range greater than doubled.
NLP specialists like AI21 Labs are set to profit enormously from the clear urge for food for such applied sciences over the approaching years.
(Image Credit: AI21 Labs)
Related: Meta’s NLLB-200 AI mannequin improves translation high quality by 44%
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Tags: ai, ai21 labs, synthetic intelligence, jurassic-1, Model, pure language processing, nlp, wordtune
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