Israeli Startup AI21 Labs Raises $34.5M For AI-Based Language Tech

AI21 Labs, a startup formed by veterans from an elite tech unit in the IDF to build AI systems, announced on Thursday it raised $34.5 million in total equity capital to work on its AI-based writing solutions and offerings. The funding includes a seed round of $9.5 million in January 2019 and the latest round of $25 million led by Pitango First, the seed and early-stage fund of Pitango's investment platform. Pitango is Israel's largest venture capital fund and was co-founded by Chemi Peres, the son of former president Shimon Peres. The VC focuses on core technologies like deep tech, AI, and machine learning. Other investors in the latest funding round included TPY Capital, another VC headquartered in Tel Aviv.