Hugging Face raises fresh funds from Salesforce at a valuation of over $4 billion
Aug 23, 2023 - aibeat.co
AI startup Hugging Face is reportedly raising fresh funds in a round led by Salesforce, valuing the company at over $4 billion. The company, which provides a platform for machine learning technologies, is expected to raise approximately $200 million in this round. The new valuation suggests that Hugging Face has an annual run-rate of $40 million. The startup earns revenue by charging users a subscription fee for using its platform and for hosting services for their models.
This funding round follows a previous one where the company raised $100 million at a $2 billion valuation. The company has previously received investments from Ashton Kutcher’s Sound Ventures, Alphabet’s GV, and Draper Fisher Jurvetson (DFJ), among others. The latest valuation makes Hugging Face the fourth highest valued AI startup.
Key takeaways:
Hugging Face, an AI startup, is raising fresh funds in a round led by Salesforce at a valuation of over $4 billion.
The startup is expected to raise roughly $200 million in this latest round, according to reports.
Hugging Face makes money by charging users a subscription fee for using its platform and for providing hosting services for their models.
The new valuation makes Hugging Face the fourth highest valued AI startup.
