Total amount raised
$395.2 Million
Latest funding date
8/1/2024
Location
Hugging Face has successfully raised funding through 8 rounds, with notable investors including Salesforce Ventures and Bossa Invest. The platform allows users to build, train, and deploy machine learning models using open-source tools.
Keep reading to explore the intricacies of Hugging Face's fundraising journey and the investors backing this innovative platform.
What Is Hugging Face?
Hugging Face, based in Brooklyn, New York, is a private company specializing in AI infrastructure, artificial intelligence, machine learning, and natural language processing. The company has an employee count ranging from 51 to 100.
Hugging Face is a platform where the machine learning community collaborates on models, datasets, and applications. It offers a range of services, including hosting and collaboration on public models, enterprise solutions with advanced security, and access to a wide array of AI models through a unified API.
How Much Funding Has Hugging Face Raised?
- Angel Round
- Amount Raised: USD 1,200,000
- Date: March 2017
- Lead Investors: Betaworks
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial product development.
- Seed Round
- Amount Raised: USD 4,000,000
- Date: May 2018
- Lead Investors: Ronny Conway
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series A
- Amount Raised: USD 15,000,000
- Date: December 2019
- Lead Investors: Lux Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and enhance machine learning capabilities.
- Series B
- Amount Raised: USD 40,000,000
- Date: March 2021
- Lead Investors: Addition
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop AI models and expand market reach.
- Series C
- Amount Raised: USD 100,000,000
- Date: May 2022
- Lead Investors: Lux Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To double down on research, open-source projects, and responsible AI democratization.
- Series D
- Amount Raised: USD 235,000,000
- Date: August 2023
- Lead Investors: Salesforce Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance enterprise solutions and expand global reach.
- Series D
- Amount Raised: Not publicly disclosed
- Date: January 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and product offerings.
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: August 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing innovation and market expansion.
Total Amount Raised: USD 395,200,000
Current Valuation: Not publicly disclosed
Key Investors
- Salesforce Ventures
- Details: Salesforce Ventures is the investment arm of Salesforce, focusing on enterprise cloud companies. They have a strong track record of supporting innovative technology startups.
- Investment Focus Areas: Enterprise cloud, AI, CRM.
- Notable Investments: Hugging Face, Zoom, DocuSign.
- Lux Capital
- Details: Lux Capital is a venture capital firm that invests in emerging science and technology ventures. They are known for backing companies that push the boundaries of innovation.
- Investment Focus Areas: Emerging science, technology, healthcare.
- Notable Investments: Zoox, Planet Labs, Shapeways.
- Sequoia
- Details: Sequoia is a venture capital firm known for investing in early and growth-stage companies. They have a history of backing some of the most successful tech companies.
- Investment Focus Areas: Technology, healthcare, consumer sectors.
- Notable Investments: Apple, Google, Airbnb.
- Coatue
- Details: Coatue is a global investment firm focused on public and private companies in the technology, media, and telecommunications sectors. They have a significant presence in the tech investment landscape.
- Investment Focus Areas: Technology, media, telecommunications.
- Notable Investments: Snap, DoorDash, ByteDance.
- Addition
- Details: Addition is a venture capital firm that invests in early-stage companies. They aim to support innovative startups with the potential for significant growth.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Stripe, Robinhood, Coinbase.
What's Next for Hugging Face?
Hugging Face stands at the forefront of AI innovation, with opportunities to expand its research, open-source projects, and products. The platform's role in the BigScience project, aiming to train the world's largest open-source multilingual language model, highlights its potential for significant impact. With over 10,000 companies using its services and a robust collection of pre-trained models and datasets, the growth prospects are immense.
Future fundraising seems promising, given the company's rapid expansion and ongoing projects. The recent Series C funding of USD 100 million underscores investor confidence, suggesting potential for further rounds to support continued innovation and market reach. However, challenges such as addressing biases, ensuring privacy, and managing energy consumption remain critical. Hugging Face's commitment to responsible AI and open science will be pivotal in navigating these hurdles.
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