Meta makes major investment in Scale AI, takes in CEO
Meta is expected to hold a minority stake in Scale AI following the completion of the investment deal. (AP pic)
SAN FRANCISCO : Scale AI announced a 'significant' new investment by Meta late yesterday that values the startup at more than US$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 (AI) efforts as part of the deal, according to the startup.
Meta was reportedly pouring more than US$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 businesses, governments and labs to exploit the benefits of AI, according to the startup.
'Meta's investment recognises 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 realise AI's full potential,' Wang added.
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,' he said.
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.
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