Funding round
AI21 Series C
AI21, which works in enterprise AI system development in Tel Aviv, raised $208M in a Series C round announced on 21 Nov 2023, at a $1.40B post-money valuation. 3 firms took part. It is AI21's fourth venture round on record; the one before was a Series B in Jul 2022.
$208M
Amount raised
$1.40B
Post-money valuation
3
Investors
no lead named
2.1x
Step-up from the Series B
$664M in Jul 2022
15%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced AI21 at $1.40B after the new money, 2.1 times the $664M of its Series B (Jul 2022). The $208M bought investors about 15% of the company. It came 16 months after AI21's Series B. It is 34% of the $607M AI21 has raised in the venture rounds on record. AI21 raised again 18 months later: a Series D round of $300M in May 2025.
Investors
Who put money in
3 firms took part; no lead investor was named.
Investors
- Intel Capital backs 239 venture-backed companies new investor
- Comcast Ventures new investor
- backs 19 venture-backed companies new investor
Joined the board: Tom Nides.
Use of proceeds
What the money is for
According to the announcement, the money goes to product development and scaling operations.
- Product development
- Scaling operations
Comparable rounds
How it compares
12 Series C rounds in Software Development Services within a year either side disclosed an amount; the median was $51M, and this round was 4.1 times the median. The closest in time, other companies' Series C rounds in Software Development Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Software Development Services | 19 Dec 2023 | $155M | $1.20B | GV and Viking Global |
| Software Development Services | 8 Feb 2024 | $50M | not disclosed | Altimeter |
| Software Development Services | 10 Aug 2023 | $37M | not disclosed | Smith Point Capital |
| Software Development Services | 16 May 2024 | $50M | $500M | not named |
| Software Development Services | 4 Apr 2023 | $75M | not disclosed | Radical Ventures and Index Ventures |
| Software Development Services | 23 Jul 2024 | $39M | not disclosed | Adams Street Partners |
| Software Development Services | 13 Sep 2024 | $70M | not disclosed | Salesforce Ventures |
| Software Development Services | 17 Jan 2023 | $30M | not disclosed | Avatar Growth Capital |
Sources
Where this comes from
Reported by 10 sources.
Questions
Frequently asked
How much did AI21 raise in its Series C round?
AI21 raised $208M in its Series C round, announced in Nov 2023.
Which investors took part in AI21's Series C round?
Intel Capital, Comcast Ventures and Ahren Innovation Capital.
What was AI21's valuation at the Series C round?
$1.40B post-money.
How does it compare with other Series C rounds in Software Development Services?
12 Series C rounds in Software Development Services within a year either side disclosed an amount; the median was $51M, and this round was 4.1 times the median.
Did AI21 raise again after this round?
Yes: a Series D round in May 2025 of $300M.