Scale AI hits $29B valuation with major Meta investment
Meta has made a significant investment in Scale AI, boosting the startup’s valuation to over $29 billion.
As part of the deal, Scale AI’s founder and CEO will begin working with Meta, marking a strategic move to strengthen Meta’s position in the AI space, News.Az reports, citing foreign media.
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.
"Meta has finalized our strategic partnership and investment in Scale AI," a Meta spokesperson said in response to an AFP inquiry.
"As part of this, we will deepen the work we do together producing data for AI models and Alexandr Wang will join Meta to work on our superintelligence efforts."
Meta promised more details about the move in coming weeks.
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."
Since Wang founded Scale AI in 2016, it has grown to more than 1,500 people, he wrote in a post on X.
He said a few other employees, whom he referred to as "Scaliens," will go with him to work on Meta's AI initiative.
Wang described his departure as "bittersweet," adding he will remain a member of the Scale AI board of directors.
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