Hugging Face Reaches $4.5 Billion With Key Tech Investments
Key investors for Hugging Face include Qualcomm, Google, IBM, Intel, Amazon, AMD, NVIDIA, and Salesforce.
- AI startup Hugging Face raised $235 million in its latest funding round, with major investments coming in from several big tech companies.
- Hugging Face is now worth $4.5 billion, double its valuation from last year and 100 times its annual revenue, showing the high demand for AI-related platforms.
Hugging Face, the startup providing open-source tools for AI development got a significant shot in the arm with substantial investments from leading tech companies, including Google, AMD, IBM, Salesforce, NVIDIA, and Intel.
The AI startup raised $235 million in a Series D funding round, bringing its valuation to $4.5 billion, demonstrating the high interest in AI products in the sector. Hugging Face already hosts several popular generative AI models, including Meta’s Llama 2 and Stability AI’s Stable Diffusion.
Furthermore, Amazon’s AWS is the preferred cloud service provider for Hugging Face. IBM has also partnered with Hugging Face to offer AI models to enterprise clients. The fact that Hugging Face provides open-source AI models has driven its popularity with clients, unlike competitor businesses such as OpenAI, which guard their AI models as trade secrets.
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Hugging Face has already managed to reach its 2023 business goals, which was a key factor driving the interest of investors. In addition, the company hosts around half a million AI models, 250,000 apps, and datasets.
Hugging Face offers paid features, one of which is Infinity, which increases the speed of data processing by AI models. Another popular feature is AutoTrain, which assists in the automated training of AI models. The company is expected to become a key player in the MLOps market, projected to surpass $16 billion by 2030.
Of the investors, Salesforce has already been an active investor in AI, with a $270 million investment in the Canadian generative AI startup Cohere. The company also developed its own AI engine called Einstein for its own platform.
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