Hugging Face Raises $235 Million in Series D Funding for AI Growth

Hugging Face Raises $235 Million in Series D Funding Round

In a significant endorsement of the surging interest in artificial intelligence (AI) and platforms that foster its growth, AI startup Hugging Face has raised a whopping $235 million in its Series D funding round. The news, initially brought to light by The Information and subsequently confirmed by Salesforce CEO Marc Benioff on Twitter, has the tech industry buzzing.

Key Points:

Hugging Face’s latest funding round brings its total capital raised to $395.2 million.
The new valuation pegs the firm at an astounding $4.5 billion, marking a twofold increase since May 2022.
Hugging Face’s funding places it amongst AI luminaries like OpenAI, Cohere, Anthropic, Inflection AI, and Adept.
Cofounder and CEO Clément Delangue believes AI is redefining software development and Hugging Face is poised to lead in this new era.
Hugging Face provides data science tools, including a model hub with over a million repositories.

Hugging Face’s Impact on the AI Domain

Founded in 2016, Hugging Face started as a chatbot for teens but evolved into a platform tailored for AI applications. Today, the company provides various data science tools, similar to a GitHub for AI, where developers can find code repositories, datasets, and AI models. With over 10,000 customers and 50,000 organizations, Hugging Face has secured its place in the AI domain.

Hugging Face’s Contributions and Collaborations

Hugging Face’s contributions extend beyond MLOps, as they unveiled BigScience in 2021 to rival OpenAI’s GPT-3. The startup has also collaborated with big players in the tech industry, including Nvidia, Amazon, and Microsoft, to ensure broader access to cloud compute and develop product extensions.

Hugging Face’s Future Plans

With a current strength of 170 employees, Hugging Face aims to intensify its efforts in various domains and scale its operations. The company plans to bolster its workforce in the coming months to further drive innovation and growth in the AI industry.

Hot Take:

Hugging Face’s impressive funding and valuation reflect the increasing interest in AI and the recognition of the company’s potential in the software development landscape. With its data science tools and collaborations with industry leaders, Hugging Face is well-positioned to continue driving innovation and shaping the future of AI.