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Tel Aviv-based startup AI21 Labs raised $25 million in Series A funding, according to an announcement Thursday, as the startup looks to scale its artificial intelligence-backed writing companion.
The round was led by Pitango First, the unit within Israel venture capital giant Pitango that focuses on early-stage funding. AI21 Labs did not disclose the valuation after this round, but PitchBook listed it as $18 million following the startup’s seed round in 2019. Overall, it has raised $34.5 million in outside funding.
AI21 came out of stealth mode in October with WordTune, an AI-backed writing assistant that helps users improve their text. It’s led by noted machine learning researchers Ori Goshen and Yoav Shoham who both have a long histories as entrepreneurs. Shoham, for example, sold two companies to Google: Katango in 2013 and Timeful in 2015, both for undisclosed sums. After the last sale, he came onboard with Google as a principal scientist until 2017.
As someone who has been involved with artificial intelligence technology from its boom through the early 1980s, to the so-called winter in the 1990s, and again to the surge in interest happening now, Shoham sees an opportunity for AI to finally fulfill many …read more
Source:: Businessinsider – Technology