Meta in talks over potential $10b investment in AI firm Scale AI, says Bloomberg
Meta Platforms is in talks to make an investment that could exceed $10 billion in artificial intelligence startup Scale AI, Bloomberg News reported on Sunday.
The terms of the deal were not yet finalized and could still change, the report said, citing people familiar with the matter.
Scale AI declined to comment and Meta did not immediately respond to Reuters request for comment outside regular business hours.
Founded in 2016, Scale AI is a data labeling startup backed by tech giants Nvidia , Amazon and Meta.
Last valued at nearly $14 billion, Scale AI also provides a platform for researchers to exchange AI-related information, with contributors in more than 9,000 cities and towns.
According to the Wall Street Journal, which cited anonymous sources, Meta wants to provide a tool that 'enables brands to fully create and target ads using artificial intelligence by the end of next year.'.
Businesses only need to submit a budget and a picture of their product, with Meta's AI advertising handling the rest. Meta's chief, Mark Zuckerberg, has previously hinted at this plan.
Zuckerberg, in a conference call last August, stated, 'Over the long-term, advertisers will just be able to tell us a business objective and a budget and we're going to do the rest for them.'
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