The news: AI startup FAL has reached a valuation of US$4.5 billion ($6.78 billion) in a new funding round led by Sequoia Capital, according to sources cited by Bloomberg.
The numbers: FAL’s third fundraising this year brought in $140 million in new funding, allowing it to triple its valuation compared to the previous fundraising in July, Bloomberg reported. Other investors in the Series D round included Kleiner Perkins, Alkeon Capital, Andreessen Horowitz and Bessemer Venture Partners.
The context: FAL, formerly known as Features & Labels Inc., offers a platform for developers to access a range of AI models and has grown rapidly over the past 12 months as its tools are increasingly used in professional tasks.
The company counts companies like Adobe, Shopify, Canva and Quora among its clients and had $200 million in revenue in October. obtained a capital of approximately 250 million dollars at a valuation of $4 billion.