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Scale AI Secures $1B Series F Funding, Valuation Doubles to $13.8B

May 21, 2024, 05:00 PM

Scale AI, a data-labeling startup, has raised $1 billion in a Series F funding round, doubling its valuation to approximately $14 billion. The round was led by Accel and included investments from major tech companies such as Amazon, Meta, Nvidia, Intel, AMD, and ServiceNow. Scale AI's annual recurring revenue (ARR) is expected to reach $1.4 billion by the end of 2024, with the company aiming for profitability by the end of this year. CEO Alexandr Wang highlighted that the company's revenue is growing at 200% year on year, with $700 million reported in 2023. The funding will help Scale AI enhance its AI data foundry and advance its capabilities in artificial general intelligence (AGI).