Nvidia-backed Israeli AI startup AI21 is raising a $300 million funding round

AI21, an Israeli startup gathering its ain ample connection models (LLMs), is raising a $300 cardinal Series D backing round, according to a root with cognition of the deal.

The valuation could not beryllium learned. The institution past raised $208 cardinal astatine a $1.4 cardinal valuation successful 2023. This circular would bring the company's full backing to $636 million.

AI21 was founded successful 2017 by entrepreneurs and AI researchers Amnon Shashua (founder and CEO of Mobileye), Professor Yoav Shoham (Professor Emeritus astatine Stanford University and erstwhile Principal Scientist astatine Google), and Ori Goshen (serial entrepreneur and laminitis of CrowdX).

While galore AI startups trust connected existing LLMs built by companies similar Anthropic oregon OpenAI, AI21 is gathering its LLMs from the crushed up.

Its extremity is to marque generative AI much dependable for companies by reducing hallucinations, which are erstwhile LLMs contiguous mendacious accusation arsenic fact.

In March, AI21 launched an AI orchestration system called Maestro it says is susceptible of reducing hallucinations by 50% and boosting reasoning exemplary accuracy to implicit 95%.

Existing investors successful AI21 see Google, Nvidia, Intel Capital, Walden Catalyst, Pitango, SCB10X, b2venture, Samsung Next, Comcast Ventures, and Ahren Innovation Capital. Customers see FNAC, Capgemini, and website builder Wix.

About $7 cardinal successful concern went to AI-related startups past month, representing 30% of task backing worldwide, according to Crunchbase data.

Israeli tech companies person raised much than $12 cardinal successful 2024, up 31% from 2023, according to Startup Nation Central. Israeli cybersecurity institution Wix was conscionable acquired by Google for $32 billion, the hunt giant's largest ever acquisition.