OpenAI Challenger AI21 Labs Nears Funding at $1.2 Billion Valuation

AI21 Labs, an Israel-based rival to OpenAI, has neared a new round of funding that would value the six-year-old startup at around $1.2 billion, according to two people familiar with the matter. It’s the latest sign of investor appetite for firms developing conversational artificial intelligence as the technology becomes a material business for OpenAI.

Two of the startup’s existing investors, Walden Catalyst and Israeli firm Pitango, have been in talks to lead the new funding, which would be …

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