AI startup Hugging Face has led a Series D round of about $200 million led by Salesforce Ventures and reaches a valuation of $4 billion.

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09:15 | 18 August 2023

AI startup Hugging Face has led a Series D round of about $200 million led by Salesforce Ventures and reaches a valuation of $4 billion.

The funding round was first reported by The Information and apparently confirmed by Salesforce CEO Marc Benioff on Site X.

The New York-based startup allows companies to store and use artificial intelligence software. The site hosts hundreds of thousands of open-source AI models that developers can use to build AI applications.

According to the report, the new funding amount values Hugging Face at more than 100 times its annual revenue.

The new round doubles the startup’s valuation compared to May 2022, when the company raised $100 million at a reported valuation of $2 billion.

The hype around AI continues

n March, Salesforce Ventures announced the launch of a new $250 million Generative AI fund that will look at promising startups in the field of generative AI. At TrailblazerDX, the company announced that it would initially invest in four AI companies – Anthropic, Cohere, Hearth.AI and you.com.

Three months later, the company said it would double the size of its fund to $500 million, and judging by the recent news about Hugging Face, things are going according to plan for Salesforce Ventures.

While most people associate Salesforce with sales, the CRM giant has been adding software development tools for several years now, so an investment in Hugging Face seems to make sense.

It’s also another sign that the artificial intelligence craze sweeping the private markets isn’t over yet. Startups like Anthropic, AlphaSense, Character.ai and Adept AI have attracted huge nine-figure rounds with astronomical valuations this calendar year.

Of course, the excitement started in January when Microsoft’s massive $10 billion investment in ChatGPT creator OpenAI was revealed.

Just yesterday, it was reported that Tiger Global Management is preparing to make a deal to sell part of its stake in AI startup Cohere, which would value the company at about $3 billion, up 36% from its valuation after its recent June funding.

We hope you found this information helpful. Stay tuned and stay tuned.

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