Funding round
AI21 Series A
AI21, which works in enterprise AI system development in Tel Aviv, raised $25M in a Series A round announced on 19 Nov 2020, led by Pitango. 2 firms took part. It is AI21's second venture round on record; the one before was a Seed in Jan 2019.
$25M
Amount raised
Not disclosed
Post-money valuation
2
Investors
1 lead
Valuation
What this round says about the price
AI21 did not disclose a valuation in this round. It came 22 months after AI21's Seed. It is 4.1% of the $607M AI21 has raised in the venture rounds on record. AI21 raised again 20 months later: a Series B round of $64M in Jul 2022, at $664M post-money.
Investors
Who put money in
Pitango led the round with 1 other firm.
Lead investor
- backs 75 venture-backed companies new investor
Also in the round
- backs 11 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, scaling operations and working capital.
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
81 Series A rounds in Software Development Services within a year either side disclosed an amount; the median was $10M, and this round was 2.5 times the median. The closest in time, other companies' Series A rounds in Software Development Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Software Development Services | 17 Nov 2020 | $20M | not disclosed | Vickers Venture Partners |
| Software Development Services | 9 Nov 2020 | $14M | not disclosed | Aioi Nissay Dowa Insurance Co., Ltd (ANDI) |
| Software Development Services | 24 Nov 2020 | $8.0M | not disclosed | Unicorn Technologies |
| Software Development Services | 3 Nov 2020 | $8.0M | not disclosed | Greycroft |
| Software Development Services | 17 Nov 2020 | $5.9M | not disclosed | BlackFin |
| Software Development Services | 5 Nov 2020 | $3.0M | not disclosed | not named |
| Software Development Services | 29 Oct 2020 | $10M | not disclosed | Nyca Partners |
| Software Development Services | 10 Dec 2020 | $5.0M | $50M | QC Ventures Ltd. |
Sources
Where this comes from
Reported by 2 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did AI21 raise in its Series A round?
AI21 raised $25M in its Series A round, announced in Nov 2020.
Who led AI21's Series A round?
Pitango led it, with TPY Capital.
What was AI21's valuation at the Series A round?
It was not disclosed.
How does it compare with other Series A rounds in Software Development Services?
81 Series A rounds in Software Development Services within a year either side disclosed an amount; the median was $10M, and this round was 2.5 times the median.
Did AI21 raise again after this round?
Yes: a Series B round in Jul 2022 of $64M at $664M post-money.