Israeli startup AI21 Labs, which aims to use artificial intelligence (AI) to change the way people read and write, announced today the completion of its $64 million series B funding round, bringing the company's valuation to $664 million, the company announced Tuesday.
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AI21 Labs specializes in Natural Language Processing (NLP) and has built AI21 Studio, an NLP-as-a-Service developer platform developers can use to build text-based applications such as virtual assistants, chatbots, text simplification, content moderation, and creative writing. AI21 Studio also features the company's newest product, Jurassic-X, an advanced natural language processing system.
The company has launched several products, including Wordtune, a browser extension chosen by Google as one of its favorite extensions for 2021, and Wordtune Read, which analyzes and summarizes documents.
"We completed this round during a period of market uncertainty, which highlights the confidence our investors have in AI21's vision to change the way people consume and produce information," said Ori Goshen, co-founder and co-CEO. "The funding will allow us to accelerate the company's global growth, while continuing to develop advanced technology in the field of natural language processing. We are looking forward to growing our team and our offerings."
The round was led by Ahren Innovation Capital Fund with participation from existing investors, including Professor Amnon Shahua, Walden Catalyst, Pitango, TPY Capital and Mark Leslie. The current round brings the company's total fundraising to $118 million. The funding will be used to invest in R&D and recruit new employees.
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