Surge AI, a data-labeling firm that competes with Scale AI, has hired advisors to raise as much as $1B in the first capital raising in the firm’s history, sources told Reuters, as it seeks to capitalize on growing user demand amid Scale AI’s recent customer exodus, Milana Vinn and Krystal Hu write. The company, founded by former Google (GOOGL) and Meta (META) engineer Edwin Chen, is targeting a valuation of over $1B, sources said. The funding would be a mix of primary and secondary capital that provides liquidity for the employees, the authors note.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on META:
- Meta’s Strategic AI Restructuring and Revenue Growth Potential Justifies Buy Rating
- Google Slams EU Tech Rules for Strangling Innovation and Hiking Prices
- Musk’s xAI Valued at $75B in Latest $10B Funding Round
- Apple (AAPL) Must Face DOJ Antitrust Suit as Judge Rejects Dismissal Bid
- Here’s How IBM’s Small AI Vision Model Outperformed OpenAI and Google (GOOGL)