AI21 Labs, a Tel Aviv, Israel-based AI language and writing company, raised $34.5m in equity funding.
The round was led by Pitango First, the Seed and Early Stage fund of Pitango’s investment platform, Israel’s largest venture capital fund. with participation from TPY Capital.
The company intends to use the funds to expand its product development efforts.
Led by Yoav Shoham, Amnon Shashua, and Ori Goshen, AI21 recently released its first product, Wordtune. Powered by AI technology, Wordtune allows users to rewrite whole sentences, make them more casual, more formal, shorter, or longer. Additional features include finding “tip of the tongue” missing words, “smart paste” which combines new text into an existing text, and more.