Scale AI raises $1 billion in Accel-led late-stage fundraise

The offices of artificial intelligence tech company Scale AI in Montreal, Quebec, Canada April 7, 2024. REUTERS/Evan Buhler/File Photo

(Reuters) -Scale AI said on Tuesday it had raised $1 billion in a late-stage funding round led by venture capital firm Accel with participation from tech giants Nvidia, Amazon, and Meta, valuing the AI data startup at nearly $14 billion.

Top tech companies are racing to build AI into their products and services. Startups catering to the surge in demand for AI chips and machine learning have been a bright spot in an otherwise subdued private funding market.

The San Francisco, California-based company provides data used to train AI applications.

Data is the building block of the AI revolution, which has taken Wall Street by storm since ChatGPT released its large language model in 2022.

Other high-profile investors who participated in the round included Coatue, Tiger Global Management, Intel Capital, and AMD Ventures.

(Reporting by Manya Saini in Bengaluru; Editing by Tasim Zahid)

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