Scale AI raises USD 1 billion to expand “data foundry for AI”
Scale AI, an artificial intelligence data infrastructure company founded by young entrepreneur Alexandr Wang in 2016, has announced it raised USD 1 billion in a financing deal that has brought its valuation to USD 13.8 billion.
This deal, comprising a mix of primary and secondary investments, was led by Accel, with participation from nearly all of Scale’s existing investors including Y Combinator, Nat Friedman, Index Ventures, Founders Fund, Coatue, Thrive Capital, Spark Capital, Nvidia, Tiger Global Management, Greenoaks, and Wellington Management.
New investors that took part in this deal include Cisco Investments, DFJ Growth, Intel Capital, ServiceNow Ventures, AMD Ventures, WCM, Amazon, Elad Gil, and Meta.
Scale AI said in a statement that this funding will help it advance its mission to create a “data foundry for AI.” This will allow it to develop the essential data needed to enhance AI capabilities, including complex reasoning and multimodal tasks, ultimately aiming for artificial general intelligence (AGI).
Photo of Alexandr Wang, founder and CEO of Scale AI. Photo source: Alexandr Wang via Facebook.
Chequer secures USD 27.8 million in funding
Chequer, a developer of cloud-native security solutions, has announced the completion of its strategic investment round, securing USD 27.8 million. The investors include Shinhan Venture Investment, Salesforce Ventures, and Z Venture Capital.
Founded in Silicon Valley, Chequer has a notable footprint in South Korea, serving clients such as Kakao Enterprise, Musinsa, Hybe, and more.
The company is the developer of QueryPie, a platform that helps businesses manage their data and development infrastructure in one place. It controls data access and tasks, reducing costs and boosting revenue in the cloud.
Kolon to invest additional KRW 12.4 billion in Papa Mobility
Papa Mobility, a ride-hailing platform for socially disadvantaged people, is reportedly close to securing KRW 12.4 billion in investment from South Korea’s Kolon Group, as part of a June 6 rights offering to raise up to KRW 13.8 billion in operating funds.
This would mark Kolon’s fourth investment in Papa Mobility, having previously invested a total of KRW 20.5 billion across three rounds in 2022 and 2023. —The Korea Economic Daily
Latest funding deals in India:
- Alphabet’s Google is investing USD 350 million in Flipkart’s latest funding round to secure a minority stake in the Indian e-commerce company, subject to approvals. The round is being led by Walmart and will provide Flipkart with capital to expand its business and enhance its digital infrastructure. —Reuters
- Mynvax, a Bengaluru-based biotechnology startup, has raised INR 216.3 million (USD 2.6 million) in an extended Series A funding round led by Inviga Healthcare Fund, with participation from Legacy Assets and other investors. Mynvax will utilize the funds for R&D. —Entrackr
- Vaaree, an e-commerce platform for home furnishing and decor products, has raised INR 207.8 million (USD 2.5 million) in a pre-Series A funding round led by Capier Investments, with participation from Peak XV Partners’ Surge Ventures. According to Entrackr, Vaaree is likely to raise more funds in the same round.
- Foxy, an online retailer focused on beauty, grooming, and cosmetic products, has raised INR 216 million (USD 2.6 million) in an ongoing funding round from existing investor Lightspeed India Partners. —Entrackr
xAI, Honest Bank, HoneyNaps, and more led last Friday’s headlines:
- xAI, an artificial intelligence company founded by Elon Musk, is close to raising funding at a USD 24 billion valuation. The investors set to participate in this investment include Lightspeed Venture Partners, Andreessen Horowitz, Sequoia Capital, and Tribe Capital. The reports indicate that xAI could raise close to USD 6 billion.
- Honest Bank, a Singapore-headquartered fintech and financial services company, secured an additional USD 2.5 million in Series B funding from Rakuten Ventures and Jetha Global, chipping in USD 1.5 million and USD 1 million, respectively.
- HoneyNaps, a South Korean company specializing in AI-driven sleep data analytics, bagged USD 11.6 million following the completion of its Series B funding round. The investors include Korea Industrial Bank, Hi Investment Partners, and Quad Investment.
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