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August 29, 2023

Hugging Face Surges with $235M Funding: Catalyzing AI Paradigm Shift

Hugging Face Seals $235M Series D, Elevating Valuation to $4.5B hiring and investing in the technology

As the tech landscape continues to evolve, AI-powered startups are emerging as frontrunners, and Hugging Face is no exception. The US-based AI startup has secured an astounding $235 million in Series D funding, solidifying its valuation at a remarkable $4.5 billion. This funding coup propels Hugging Face's total funding to an impressive $395.2 million, further establishing its prowess in the AI arena.

Backing this resounding success are heavyweight tech titans including Google, Amazon, Nvidia, Intel, AMD, Qualcomm, IBM, and Salesforce. The distinguished lineup is joined by Sound Ventures, a venture capital firm endorsed by Ashton Kutcher. This constellation of support underscores Hugging Face's transformative impact and potential to reshape the AI landscape.

With this financial boost, Hugging Face is set to amplify its hiring initiatives and channel investments into its cutting-edge technology. According to Clément Delangue, co-founder and CEO, "AI is the new way of building all software. It's the most important paradigm shift of the decade." Delangue underscores the significance of this transformation, surpassing even the monumental software shift, as AI ushers in new capabilities and unprecedented speed.

Hugging Face's journey began in 2016 when Clement Delangue, Julien Chaumond, and Thomas Wolf founded the company. Originally conceived as a chatbot app for teenagers, Hugging Face pivoted towards a remarkable purpose - creating a platform for crafting, testing, and deploying machine learning innovations.

At the core of its offerings lies a range of data science hosting and development tools, including a hub akin to GitHub, specifically tailored for AI code repositories, models, and datasets. This open-source powerhouse furnishes users with a library to construct, train, and implement AI chat models with agility and precision.

Currently boasting a workforce of 170 and a burgeoning clientele of 10,000, Hugging Face asserts its presence with over 50,000 organizations congregating on its platform. A testament to its prowess, the model hub plays host to a staggering 1 million repositories, solidifying Hugging Face's position as a go-to AI authority.

As Hugging Face's trajectory soars, this significant funding round marks not just a milestone for the company, but a pivotal moment in the evolution of AI as a transformative force in software development and beyond.

Josefina Dipaolo
Josefina Dipaolo
Content Writer at TechNews180
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