AI21 Labs is engaged in offering advanced LLM and natural language technologies to enterprises. Credit: Gmx Pixel/Shutterstock.

AI21 Labs, a company engaged in developing artificial intelligence (AI) and large language models (LLMs), has raised $155m (NIS587.4m) in a Series C funding round.

b2venture, Google, NVIDIA, Pitango, Samsung Next, SCB10X and Walden Catalyst, along with AI21 Labs chairman Amnon Shashua, participated in the round.

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The new funding takes the company’s total investment raised to $283m at $1.4bn valuation.

Set up in 2017, AI21 Labs is engaged in offering advanced LLM and natural language technologies to enterprises via applications and application programming interfaces.

AI21 Labs said the new funding will hasten the company’s ability to offer enterprises trustworthy and practical natural language AI.

Its products include Jurassic-2 foundation models, which support AI21 Studio, a platform for developing apps using AI21’s language models, and Wordtune, a multilingual AI assistant.

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The Tel Aviv, Israel-based startup counts consumers and Fortune 100 companies among its clients.

Shashua said: “AI21 Labs is a pure play in AI as it develops and owns foundation models which are served as a platform to developers and enterprises, while developing derivatives, such as Wordtune, directly to end users.

“The current round fuels the growth of the company to reach its goal of developing the next level of AI with the capabilities of reasoning across many domains. “

NVIDIA founder and CEO Jensen Huang said: “Generative AI is driving a new era of computing across every industry. The innovative work by the AI21 Labs team will help enterprises accelerate productivity and efficiency with generative AI-based systems that are accurate, trustworthy, and reliable.”