Saturday, January 22nd, 2022

$15M Raised By Hugging Face To Build A Natural Language Processing Library

In a Lux Capital-led funding round, Hugging Face has grabbed $15 Million. Initially, the firm developed a mobile app that enabled one to converse with an artificial BFF, a kind of chatbot for jaded youngsters. An open-source library was more recently released for natural language processing applications by the startup and it has been a massive success. The funding round witnessed the participation of Betaworks, A.Capital, Greg Brockman, Richard Socher, and Kevin Durant along with others.

$15M Raised By Hugging Face To Build A Natural Language Processing Library

Its original Chabot was launched in early 2017 by Hugging Face. The startup, following months of efforts, aspired to show that chatbots do not need to be a hyped command-line interface for consumer support. This app-enabled one to create a digital friend and send messages back & forth with their buddy. And it was not merely about comprehending what you implied—the app attempted to sense their emotions to settle in answers on the basis of their feelings. The tech behind this chatbot seems to be a complete marvel. As said by Lux Capital’s Brandon Reeves, there has been a ton of advancement when image processing and computer vision are taken into consideration, however, natural language processing has been fallen back.

Transformers, the open-source framework of Hugging Face has witnessed over a million downloads. Around 19,000 stars are gathered by the GitHub project, showing that the open-source community deems it to be a helpful unit to develop upon. It has been worked upon by researchers at Microsoft, Facebook, and Google. It is even used in production by a few firms, like Microsoft Bing and Monzo, challenger bank, for its customer support chatbot. Transformers can be leveraged by one for information extraction, text classification, text generation, summarization, and conversational artificial intelligence.

Likewise, last month, a six-figure seed investment is made in a Cairo-located chatbot developing platform, Botme. The regional angel investors played a major role in this investment. Botme—established by Saaid Elhakeem, Hosni Ahmed, and Soliman Abaza, in 2017—allows individual users and businesses to develop chatbots for web and Facebook Messenger through its user-friendly platform with no need of creating any code.

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