Generative AI company AI21 Labs has completed a $53 million Series C extension round of financing, with participation from Intel Capital and Comcast Ventures

ChainCatcher news, according to Techcrunch, generative AI company AI21 Labs has raised an additional $53 million in Series C funding, with new investors including Intel Capital and Comcast Ventures. At the end of August, AI21 Labs announced it had raised $155 million in Series C funding, bringing the total Series C funding to $208 million and the total funding amount to $336 million, with a valuation remaining at $1.4 billion. The new funds will be used for product development and increasing the workforce, including hiring employees who may leave OpenAI.

It is reported that AI21's flagship product is AI21 Studio, a pay-as-you-go developer platform for building text-based custom business applications using AI21's proprietary text generation AI models. The startup also sells Wordtune, a multilingual reading and writing AI assistant similar to Grammarly.