Hugging Face Pulls in $100M Series C to Hire, Develop Product
Machine learning and artificial intelligence are virtually everywhere. The ability to ask a smart speaker to play music without touching the device or a phone’s ability to predict how texts will end are just a few examples of AI technology at work. Knowing the wide range of space AI can cover, it’s no surprise that $115 billion in venture capital dollars were invested in artificial intelligence and machine learning startups last year. This was up 87 percent from the $61.4 billion invested in the space in 2020, according to Pitchbook data.
Brooklyn-based Hugging Face is the latest local startup to earn investment for its machine learning software development tech after raising a $100 million Series C round on Monday. The round is led by Lux Capital with participation from VC giants Sequoia, Coatue and others. Hugging Face is now valued at $2 billion, according to TechCrunch.
Hugging Face operates as a learning community and provides users with 100,000 pre-trained models and 10,000 datasets ranging from computer vision, speech, time-series, biology, reinforcement learning, chemistry and more.
The startup will use its new funding to fuel research, develop products and aid in the “responsible democratization of AI,” according to a company blog post.
The raise comes just one year after Hugging Face raised a $40 million Series B round from Addition. Lux Capital also participated in the company’s Series B along with NBA star Kevin Durant.
Since its Series B, the Hugging Face team has grown from 30 employees to over 120 and is still hiring for nearly 30 open roles.