Meta makes major investment in Scale AI, takes in CEO / Photo: Drew Angerer - GETTY IMAGES NORTH AMERICA/AFP
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NYSE - LSE
Meta makes major investment in Scale AI, takes in CEO
Scale AI announced a "significant" new investment by Meta late Thursday that values the startup at more than $29 billion and puts its founder to work for the tech titan.
Scale AI founder and chief executive Alexandr Wang will join Meta to work on the tech giant's own artificial intelligence efforts as part of the deal, according to the startup.
Meta was reportedly pouring more than $10 billion into San Francisco-based Scale AI, and acquires its 28-year-old CEO amid fierce competition in the AI race with rivals such as OpenAI, Google and Microsoft.
Scale AI works with business, governments and labs to exploit the benefits of artificial intelligence, according to the startup.
"Meta's investment recognizes Scale's accomplishments to date and reaffirms that our path forward -- like that of AI -- is limitless," Wang said in a release.
"Scale bridges the gap between human values and technology to help our customers realize AI's full potential."
Scale AI will use the infusion of capital to accelerate innovation and strengthen partnerships, along with distributing proceeds to equity holders, according to the startup.
Meta will hold a minority stake in Scale AI after the investment deal closes.
Tech industry veteran and investor Jason Droege, a co-founder of Uber Eats food delivery platform, will take over as chief of Scale AI, according to the company.
"Scale has led the charge in accelerating AI development," Droege said in a release.
"We have built the strongest foundation to tackle AI’s data challenges and push the boundaries of what’s possible."
Meta chief Mark Zuckerberg recently touted the tech firm's generative artificial intelligence (Gen AI) assistant, telling shareholders it is used by a billion people each month across its platforms.
P.Silva--AMWN
