Technology
Tuesday, May 21st, 2024 2:28 pm EDT
Key Points
- Significant Funding Round: Scale AI has raised $1 billion in a Series F funding round, leading to a valuation of $13.8 billion, almost double its previous valuation. The San Francisco-based company, ranked 12th on CNBC’s Disruptor 50 list, has now accumulated $1.6 billion in total funding.
- Diverse Investor Base: The latest funding round is led by Accel and includes new investors such as Cisco Investments, DFJ Growth, Intel Capital, and others. Existing investors like Y Combinator, Nat Friedman, and Index Ventures have also participated, demonstrating continued confidence in the company’s growth potential.
- Key Role in AI Development: Scale AI is instrumental in the rise of generative artificial intelligence and large language models, focusing on accurately labeling data across various formats to enhance AI technology. The company’s evolution from labeling data for autonomous driving to refining data for diverse AI applications reflects its pivotal role in advancing AI capabilities. Additionally, Scale AI’s collaborations with the public sector, including a contract with the Department of Defense and the launch of Donovan, an AI-powered decision-making platform, underscore its commitment to enhancing AI for military and governmental purposes.
Scale AI, an artificial intelligence startup, has successfully raised $1 billion in a Series F funding round, marking a significant milestone for the San Francisco-based enterprise tech company. This latest funding round values Scale AI at $13.8 billion, nearly double its last reported valuation, and brings its total raised capital to $1.6 billion. Led by Accel, the funding round includes investments from notable names such as Cisco Investments, DFJ Growth, Intel Capital, ServiceNow Ventures, AMD Ventures, WCM, Amazon, Elad Gil, and Meta, alongside existing investors like Y Combinator, Nat Friedman, Index Ventures, and others. Scale AI’s pivotal role in the rise of generative artificial intelligence and large language models is highlighted, emphasizing the crucial need for accurately labeled data across various formats to effectively train AI models. Initially focused on labeling data for autonomous driving, Scale AI has expanded its scope to assist organizations in refining data for diverse AI applications. Founder and CEO Alexandr Wang envisions Scale AI as the “data foundry for AI,” aiming to accelerate the availability of frontier data to pave the way for artificial general intelligence (AGI). The company’s engagement with the public sector, particularly its contract with the Department of Defense Chief Digital and Artificial Intelligence Office, underscores its commitment to advancing AI capabilities for national security purposes. Scale AI’s launch of Donovan, an AI-powered decision-making platform deployed to a U.S. government classified network, further solidifies its presence in the public sector. Wang’s remarks at the AI Insight Forum in Washington, D.C., underscore the importance of the United States’ leadership in AI adoption for national security. Additionally, Scale AI’s global aspirations are evident with the announcement of its London office as its European headquarters, signaling its intent to support and collaborate with the U.K. government on AI initiatives.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/05/21/amazon-meta-back-scale-ai-in-1-billion-funding-deal.html
