Artificial Intelligence: AI Startup Hugging Face Lands $235M From Top Tech Companies

The valuation of Hugging Face has benefited from the AI boom that commenced when Microsoft-backed OpenAI released its ChatGPT chatbot.

New York-based AI startup Hugging Face has secured a significant investment of $235 million in a funding round, driving its valuation to $4.5 billion. Notable contributions came from major tech players such as Google (NASDAQ: GOOGL), Amazon (NASDAQ: AMZN), Nvidia (NASDAQ: NVDA), Salesforce (NASDAQ: CRM), AMD (NASDAQ: AMD), Intel (NASDAQ: INTC) , IBM (NYSE: IBM), and Qualcomm (NASDAQ: QCOM). The company’s focus is on creating tools for AI developers to openly share and test their work, akin to GitHub’s role in the programming realm.

Hugging Face’s platform enables AI developers to collaborate by sharing code, models, and datasets, while also providing developer tools to streamline the implementation of open-source AI models. The company’s approach differs from other AI startups that guard their technology as trade secrets, instead offering accessibility and collaboration. Its services encompass a wide range of AI models, including those generating text, music, images, language translation, and object recognition within images. (CNBC)

The startup’s name originates from an emoji, the hugging face – a smiley face embraced by two open hands. Initially starting as an iPhone chatbot app, Hugging Face transitioned its focus to AI development tools after observing the growing interest from AI developers. The funding injection will be directed towards hiring talent to remain competitive in the expanding artificial intelligence sector.

The investment underlines the increasing popularity of collaborative AI development and the growing role of shared platforms in advancing AI technologies. Hugging Face aims to serve an expanding community of AI developers and builders, potentially numbering in the millions within the next few years. The endorsement of the platform by major tech companies stems from the active usage of Hugging Face by their own employees.

Related Story:  Hugging Face, An AI Startup, May Raise $200M Series D

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Digital Assets: Epic Lays Off 830 Employees As Metaverse Underperforms
September 29, 2023     Digital Assets, News

Earlier today, Tim Sweeney, the head of Epic Games, shared an email with the company’s employees, announcing some significant changes within the organization. In this message, Sweeney discussed the necessity…
Artificial Intelligence: Mysterious US-Based Books3 Dataset Used To Train AI Was A Massive Trove Of Pirated Books
September 29, 2023     Artificial Intelligence, Latest News, News

Thousands of books penned by some of Australia’s most esteemed authors may have fallen victim to what Booker prize-winning novelist Richard Flanagan has described as “the biggest act of copyright…銅鑼灣_Causeway_Bay_銅鑼灣時代廣場_Times_Square_office_Tower_One_阿里巴巴_Alibaba_Hong_Kong_June_2022_Px3_03.jpg
FinTech: Ant’s Chongqing Consumer Finance Arm Raising $616M To Ramp Up Loans
September 29, 2023     FinTech, News

Chongqing Consumer Finance, the consumer finance arm of Ant Group, a prominent player in China’s financial technology landscape, is currently in the process of raising a substantial sum of fresh…
Venture Capital: Mercury’s Fund V Mops Up $160M For US Startups “Between The Coasts”
September 29, 2023     News, Venture Capital

Mercury Fund, the premier early-stage venture firm with a focus on non-coastal tech hubs, has successfully closed its largest fund to date, Mercury Fund V, with a total capital commitment…