Scale AI Raises $1B Series F Led by Accel, Valuation Doubles to $14B

May 21, 2024, 12:20 PM

Scale AI, a startup specializing in data labeling for artificial intelligence products, has raised $1 billion in a Series F funding round, doubling its valuation to approximately $13.8 billion. The funding round was led by Accel and included participation from major tech companies such as Amazon, Meta, Nvidia, Intel, AMD, and ServiceNow. Scale AI's CEO, Alexandr Wang, announced that the company's annual recurring revenue (ARR) tripled last year and is expected to reach $1.4 billion by the end of 2024. Wang also projected that the company would achieve profitability by the end of this year. In 2023, Scale AI reported revenues of around $700 million, reflecting a 200% year-on-year growth.