Total amount raised
$395.2 Millions
Latest funding date
Location
Hugging Face has successfully raised significant funding through multiple rounds, attracting a diverse group of investors. The platform is renowned for its contributions to the machine learning community, offering a range of tools and resources.
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, founded in 2016, is based in Brooklyn, New York. The company was established by Clément Delangue, Julien Chaumond, and Thomas Wolf.
Hugging Face is a platform dedicated to the machine learning community, offering tools and resources for building, training, and deploying AI models. Their mission is to democratize good machine learning, one commit at a time.
With a team of 101-250 employees, Hugging Face provides various products and services, including the Hugging Face Hub, pre-trained models, and enterprise solutions.
How Much Funding Has Hugging Face Raised?
Angel Round
- Amount Raised: $1.2M
- Date: March 2017
- Lead Investors: Betaworks
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company and develop initial products.
Seed Round
- Amount Raised: $4M
- 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: $15M
- Date: December 2019
- Lead Investors: Lux Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's capabilities.
Series B
- Amount Raised: $40M
- Date: March 2021
- Lead Investors: Addition
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid growth and further develop machine learning tools.
Series C
- Amount Raised: $100M
- 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: $235M
- Date: August 2023
- Lead Investors: Salesforce Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand enterprise solutions and enhance AI model offerings.
Series D
- Amount Raised: -
- Date: January 2024
- Lead Investors: -
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling and improving the platform.
Venture Round
- Amount Raised: -
- Date: August 2024
- Lead Investors: -
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing innovation and market expansion.
Total Amount Raised: $395.2M
Current Valuation: Not publicly disclosed
Key Investors
- Salesforce Ventures
- Details: Salesforce Ventures is the investment arm of Salesforce, focusing on enterprise cloud companies. They aim to accelerate the growth of the next generation of enterprise technology.
- Investment Focus Areas: Enterprise cloud, AI, SaaS
- Notable Investments: Zoom, DocuSign, Snowflake
- Lux Capital
- Details: Lux Capital is a venture capital firm that invests in emerging science and technology ventures. They support companies that are pushing the boundaries of innovation.
- Investment Focus Areas: Biotechnology, AI, space technology
- Notable Investments: Zoox, Shapeways, Planet Labs
- Sequoia
- Details: Sequoia is a renowned venture capital firm that has backed many of the world's most successful technology companies. They invest across various stages, from seed to growth.
- Investment Focus Areas: Technology, healthcare, consumer
- Notable Investments: Apple, Google, WhatsApp
- Coatue
- Details: Coatue is a global investment firm focused on technology, media, and telecommunications. They invest in both public and private markets.
- Investment Focus Areas: Technology, media, telecommunications
- Notable Investments: Snap, DoorDash, ByteDance
- Addition
- Details: Addition is a venture capital firm that invests in early-stage and growth-stage technology companies. They aim to support transformative companies.
- Investment Focus Areas: Technology, fintech, healthcare
- Notable Investments: Stripe, Robinhood, Coinbase
What's Next for Hugging Face?
Hugging Face stands at the cusp of significant growth, driven by its commitment to research, open-source projects, and responsible AI democratization. With over 10,000 companies utilizing its platform and a vast repository of 100,000 pre-trained models, the opportunities are immense. The BigScience initiative, involving more than 1,000 researchers, further underscores the platform's potential to lead in AI innovation.
Future fundraising seems promising, given the successful Series C round and ongoing expansion. As the company scales, it may attract additional investments to support its ambitious goals. However, challenges such as addressing biases, ensuring privacy, and managing energy consumption in machine learning remain critical. Hugging Face's dedication to openness and collaboration will be pivotal in navigating these hurdles.
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