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Data-labeling company Scale AI has received a significant investment from Meta, valuing the startup at $29 billion. Co-founder and CEO Alexandr Wang is stepping down to join Meta and assist with their AI work. Meta invested $14.3 billion for a 49% stake in the startup, known for producing and labeling data used to train large language models for generative AI development.
Jason Droege, Scale’s chief strategy officer, will serve as interim CEO. Meta’s investment will be used to pay investors and shareholders, as well as to fuel growth, while Scale AI will remain an independent entity. Wang will stay on as a director on the board.
This move by Meta is aimed at enhancing its AI capabilities, as competitors like Google, OpenAI, and Anthropic forge ahead. As per SignalFire data, Meta lost 4.3% of its top talent to other AI labs last year. Scale AI has been a crucial resource for leading AI labs like OpenAI in producing and labeling data for training models.
Last year, Scale AI raised $1 billion from investors such as Amazon and Meta at a valuation of $13.8 billion.
