Generative AI company AI21 Labs raises an additional $53 million in Series C funding round

AI21 Labs, a generative AI company, 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 funding round, bringing the total amount raised to $336 million and maintaining a valuation of $1.4 billion. The new funds will be used for product development and increasing the number of employees, including hiring staff who may have left OpenAI.AI21's flagship product is AI21 Studio, an on-demand developer platform for building custom text-based business applications using AI21's proprietary text-generation AI models. The startup also sells Wordtune, a multi-language reading and writing AI assistant similar to Grammarly.