According to Foresight News, generative AI company AI21 Labs has raised an additional $53 million in its Series C funding round, with new investors including Intel Capital and Comcast Ventures. In late August, AI21 Labs announced that it had raised $155 million in its Series C round, bringing the total funding for this round to $208 million and the overall funding to $336 million, with a valuation remaining at $1.4 billion. The new funds will be used for product development and increasing the number of employees, including hiring potential staff leaving OpenAI.
AI21's flagship product is AI21 Studio, a pay-as-you-go developer platform for building text-based custom business applications based on AI21's proprietary text-generating artificial intelligence models. The startup also sells Wordtune, a multilingual reading and writing AI assistant similar to Grammarly.