Scale AI Raises $1 Billion Series F to Push The Frontier of AI Data
May 21 2024 - 6:00AM
Business Wire
Scale AI, the data foundry for AI, today announced it has closed
a $1 billion financing transaction, bringing the company to a
valuation of nearly $14 billion. Existing investor Accel led the
round with participation from returning investors including Y
Combinator, Nat Friedman, Index Ventures, Founders Fund, Coatue,
Thrive Capital, Spark Capital, NVIDIA, Tiger Global Management,
Greenoaks, and Wellington Management. New investors include Cisco
Investments, DFJ Growth, Intel Capital, ServiceNow Ventures, AMD
Ventures, WCM, Amazon, Elad Gil, and Meta.
Scale’s calling is to build the data foundry for AI. With
today’s funding, the company is moving into the next phase of that
journey – accelerating the abundance of frontier data that will
pave our road to artificial general intelligence. Scale has a deep
track record solving the data challenges of companies such as
OpenAI, Meta, and Microsoft. This new funding will also enable
Scale to build upon its prior model evaluation work with enterprise
customers, the U.S. Department of Defense, and work on the White
House-announced DEFCON 31 red-teaming event to deepen its
capabilities and offerings for both public and private
evaluations.
As AI models evolve, the quality, quantity, and complexity of
frontier data—the data needed to drive and ensure
performance—increases exponentially. As the data foundry for AI,
Scale powers the data behind the end-to-end AI lifecycle, ensuring
model builders and enterprises alike have the data they need to
deploy AI confidently.
“Data abundance is not the default; it’s a choice. It requires
bringing together the best minds in engineering, operations, and
AI,” said Alexandr Wang, CEO and founder of Scale AI. “Our vision
is one of data abundance, where we have the means of production to
continue scaling frontier LLMs many more orders of magnitude. We
should not be data-constrained in getting to GPT-10.”
"From day one, Scale has been laser-focused on unlocking the
potential of data for AI. All of the major advancements in the
industry we have today wouldn’t have been possible without Scale’s
data engine at the center," said Dan Levine, partner at Accel.
"Their vision is why we first partnered with Scale in the earliest
days and why we continue to believe that their expertise remains
paramount in addressing the industry's growing needs for
high-quality data as the AI industry continues to push the
boundaries of what’s possible."
The mix of primary and secondary financing brought Scale’s
valuation to $13.8 billion.
J.P. Morgan and Allen & Co served as placement agents to
Scale AI in connection with this transaction.
About Scale AI
Scale is fueling the Generative AI revolution. Built on a
foundation of high-quality data and human insight, Scale’s
proprietary Data Engine powers the world’s most advanced models.
Our years of deep partnership with every major model builder
enables us to provide the roadmap for any organization to apply AI.
Scale is trusted by industry leaders, including Meta, Morgan
Stanley, Microsoft, the U.S. Army, the DoD’s Defense Innovation
Unit, OpenAI, General Motors, and Toyota Research Institute.
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David Kinsella press@scale.com