Tech Heavyweights Google, Amazon, Nvidia and More Bank on AI Startup Hugging Face

JJohn August 24, 2023 5:47 PM

New York-based AI firm Hugging Face secures a $235 million investment from tech powerhouses Google, Amazon, Nvidia, Salesforce, AMD, Intel, IBM, and Qualcomm, boosting its valuation to $4.5 billion. The funds are earmarked for talent acquisition to bolster its competitiveness in the AI landscape. Hugging Face's unique collaborative approach to AI development and its extensive platform for AI developers have made it a darling in the AI boom.

Major tech investments boost Hugging Face's valuation

Hugging Face, a New York-based AI firm, has attracted significant attention and financial backing from major tech companies. Giants such as Google, Amazon, Nvidia, Salesforce, AMD, Intel, IBM, and Qualcomm have all pitched in, catapulting the startup's valuation to a hefty $4.5 billion. The company intends to use these funds to hire talent and sharpen its competitive edge in the bustling AI industry.

Hugging Face champions collaborative AI development

While many AI startups choose to closely guard their tech developments, Hugging Face is pioneering a different approach. Its platform encourages a collaborative atmosphere where AI developers can share code, models, datasets, and leverage the company's developer tools. The firm's open-source approach to AI has made it a popular choice among developers, thereby shaping its unique presence in the AI startup scene.

Hugging Face’s platform hosts diverse AI models

Hugging Face's platform is not limited to hosting text-based AI models. It also accommodates models that generate music or images, translate languages, and identify objects within images. As of now, Hugging Face hosts half a million different AI models, 250,000 datasets, and boasts 10,000 paying customers - a testament to its versatility and wide user base.

Ever wondered about the startup's unusual name? Hugging Face is actually named after an emoji - a smiling face framed by two open hands. This playful name harks back to the company's origins. Initially, Hugging Face was a chatbot app for iPhone. However, after open-sourcing some of its machine-learning code, the startup soon realized its potential appeal to AI developers and decided to pivot in that direction.

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