Hugging Face has raised your own $40 million Series G funding round — Ornaments is leading the very big round. The company has been building a source library for regular language processing (NLP) like. You can find the Transformers library on GitHub — it has 42, 000 super stars and 10, 000 forks.
Existing lenders Lux Capital, A. Cabeza and Betaworks also took part in in today’s funding rounded. Other investors include Dev Ittycheria, Olivier Pomel, Alex Wang, Aghi Marietti, Florian Douetteau, Richard Socher, John St . John, Kevin Pendant and Rich Kleiman.
With Transformers, you’re able to leverage popular NLP examples, such as BERT, GPT, XLNet, T5 or DistilBERT and therefore use those models to govern text in one way or another. For instance, you can classify written text, extract information, automatically answer questions, summarize text, generate text, etc .
There are many different use matters for NLP. A popular you’ve been support chatbot. Liquids, challenger bank Monzo has been using Hugging Facing behind the scenes to answer questions from its customers. Overall, around half a dozen, 000 companies are using Cradling Face in one way an additional, including Microsoft with its search engine website Bing.
When talking about business model, the startup has released a way to enjoy prioritized support, manage person models and host one particular inference API for you. Satisfied customers include Bloomberg, Typeform associated with Grammarly.
Together with the new funding round, the seller plans to triple it’s headcount in New York and as a consequence Paris — there will be woman positions too. Interestingly, the label is also sharing some the informatioin needed for its bank account.
Hugging Face has been cash-flow positive in January as well as the February 2021. The company grown a major $15 million round a little over a spring ago — 90% for the previous round is still available on the bank account. And the company’s valuation saw a fivefold advance. This shouldn’t come as a surprise that you can negotiate better terms if you don’t actually need to raise.
And it looks like Hugging Top is on the right path as the service provider} is hosting a vibrant neighborhood of NLP developers. Commence browse models and as a consequence datasets , take advantage of them and consequently contribute as Hugging Point is becoming the central can of NLP enthusiasts.