AI21 Labs and Modular Secure Funding to Innovate AI Development and Applications
Sep/05/2023
Israeli startup AI21 Labs and Palo Alto-based Modular have both secured significant funding to innovate in the field of AI. AI21 Labs, founded by Mobileye CEO Prof. Amnon Shashua, raised $155 million to accelerate its enterprise AI services, including its Jurassic-2 generative AI technology used by companies like eBay and Ubisoft. The company, now valued at $1.4 billion, aims for next-level AI capabilities with cross-domain reasoning. Meanwhile, Modular raised $100 million to simplify the AI development landscape. The startup offers an engine that enhances the performance of AI models by up to 7.5 times and plans to expand its proprietary programming language, Mojo. Co-founded by ex-Google employees Chris Lattner and Tim Davis, Modular will use its funds for team growth and product expansion. Both companies aim to make significant contributions to AI development, making it more efficient, sustainable, and versatile across industries. The chart below illustrates the class distribution of trademark publications by Modular Inc.
