Hugging Face receives fund from Google, Nvidia, Amazon, and others

Hugging Face, an artificial intelligence firm, revealed a valuation of $4.5 billion after securing a $235 million fundraising round, garnering support from major global tech players such as Salesforce, Google's Alphabet, Amazon, and Nvidia. This funding highlights the artificial intelligence (AI) industry's explosive expansion, which is considered the next technological frontier and has attracted significant investment from key players in Silicon Valley.

The competition among tech leaders has bolstered Nvidia, whose chip designs are pivotal in generative AI like ChatGPT. Nvidia's shares have tripled this year.  Major names like Intel, Advanced Micro Devices, Qualcomm, IBM, Amazon, and Ashton Kutcher's Sound Ventures also participated in Hugging Face's funding round. 

Hugging Face CEO Clément Delangue predicts that this year's revenue will climb fivefold as a result of the significant demand growth. Within five years, he predicts that all tech companies will have implemented AI. The business provides an open-source platform for creating machine learning-based apps. For its current 170-person workforce, the cash will be used to support increased employment and technical improvements. 

After the latest funding round, Delangue said on X (formerly Twitter) that he is excited to welcome the new investors, adding that the company is now valued at $4.5 billion.