By Michael Scott
The round’s participants included Amazon, Google, Intel, Nvidia, and other firms, which resulted in the firm’s overall amount raised to $395.2 million.
Amid a major endorsement of the rising interest in artificial intelligence as well as platforms that enhance its development, Hugging Face, an AI startup, has raised $235 million via its Series D funding round.
Nvidia and Google Support Earns Hugging Face Industry Attention
This news featured in The Information publication and later on Twitter by Marc Benioff, Salesforce’s chief executive officer. So far, it has had the tech industry buzzing.
Participants from tech giants, for instance, Amazon, Intel, Google, Nvidia, and others, resulted in Hugging Face’s most recent round, bringing its overall capital raised to $395.2 million.
This current valuation has set the company at an astonishing $4.5 billion, marking a double rise since May 2022. Further, the valuation remarkably surpasses Hugging Face’s yearly income by more than one hundred times.
Among artificial intelligence startups, the French-American firm’s funding ranks it among achievers such as OpenAI that boasts of a funding amounting to $11.3 billion. Examples of firms that follow closely behind include Infection AI, Cohere, Anthropic, and Adept.
Artificial Intelligence Dethrones Human Workforce to Create Software
Clement Delangue, co-founder and chief executive officer, revealed to TechCrunch that artificial intelligence is the new means of creating all software. It is the decade’s most critical model shift, and, compared to the software change, it will be more significant owing to the new capabilities and quicker due to software paving the way.
Hugging Face was established by French magnate Delangue alongside Thomas Wolf and Julien Chaumond in 2016 and was initially created as a chatbot for teens. Nevertheless, the founders’ vision changed to develop a platform custom-made for artificial intelligence apps after open-sourcing the application’s algorithm.
Hugging Face Providing Different Data Sets
Currently, the firm offers different data science tools, similar to a GitHub for artificial intelligence, that enable developers to get data sets, code mines, and AI models.
With more than 1,000 clients and 50,000 firms, Hugging Face has acquired its place in artificial intelligence. On its own, its model hub comprises more than a million repositories. A HubSpot survey highlights the developing enterprise interest in artificial intelligence. In this case, 43 percent of business leaders plan to boost their investments in 2023.
The contributions of Hugging Face surpass MLOPs, a group of tools that aid in taking artificial intelligence models from creation to production. In 2021, BigScience was unveiled to compete with OpenAI’s GPT-3 with an open-source option. Termed Bloom, the language model has significantly affected Hugging Face.
Hugging Face to Leverage Nvidia Cloud Computing and Microsoft Backing for Product Extension
The startup’s partnerships involve the tech industry’s major players. Hugging Face has partnered with Nvidia to ensure vast access to cloud computing and teamed up with Microsoft and Amazon for product extensions. These are indicators that the firm intends to leave no stone unturned. Delangue has aspiring plans for the future.
Hugging Face’s current workforce comprises 170 workers though planning to intensify venture into different domains. The firm intends to scale its operations, hence likely expanding its staff in the coming months.