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Meta aims to invest billions in Scale AI and attracts top CEO!
Meta Platforms plans to invest billions in Scale AI to drive AI advances. Discussions regarding takeovers are ongoing.
Meta aims to invest billions in Scale AI and attracts top CEO!
Meta Platforms is in intensive talks to recruit Nat Friedman, former CEO of GitHub, to its AI efforts. Along with Friedman, Daniel Gross, Friedman's partner in the investment fund NFDG, is also being considered for possible collaboration. This development shows how seriously Meta wants to invest in the field of artificial intelligence (AI). The company did not respond to a Reuters request for comment.
Meta has already made significant investments in the AI industry in the past. The company recently announced a $14.8 billion investment in Scale AI. This represents the company's second largest investment. Alexandr Wang, CEO of Scale AI, has been hired to work with Meta and lead a new superintelligence unit. Scale AI proporciona data labeling services that are of great importance for companies like Microsoft and OpenAI to train their AI models.
Major AI investments in focus
Meta is discussing another multi-billion dollar investment in Scale AI, with the deal potentially valued at over $10 billion. This would be the largest external AI investment from Facebook's parent company and one of the largest funding events for a private company. Much of the labeling work required for the AI models is performed by contractors.
In recent years, Scale AI has made remarkable progress, generating $870 million in revenue last year, while it is expected to reach $2 billion in revenue this year. The U.S. Department of Labor's investigation into whether Scale AI misclassified and underpaid employees was recently closed. This shows that the company is becoming increasingly established while continuing to receive support from significant investors.
Increased focus on AI partnerships
Meta was already an investor in Scale AI's $1 billion Series F, which valued the company at $13.8 billion. Scale AI recently developed Defense Llama, a large language model for military applications based on Metas Llama 3. These developments are part of a growing trend for major technology companies to increase their partnerships and investments in AI.
By partnering with Nat Friedman and Daniel Gross, Meta demonstrates its commitment to advancing AI technology and product development. Friedman is already a member of the Meta Advisory Group, an external advisory board.