Hugging Face has actually raised a $40 million Series B financing round– Addition is leading the round. The business has been building an open source library for natural language processing (NLP) innovations. You can find the Transformers library on GitHub– it has 42,000 stars and 10,000 forks.

Existing financiers Lux Capital, A.Capital and Betaworks also participated in today’s financing round. Other financiers consist of Dev Ittycheria, Olivier Pomel, Alex Wang, Aghi Marietti, Florian Douetteau, Richard Socher, Paul St. John, Kevin Durant and Rich Kleiman.

With Transformers, you can utilize popular NLP designs, such as BERT, GPT, XLNet, T5 or DistilBERT and utilize those models to manipulate text in one method or another. You can classify text, extract info, immediately answer questions, sum up text, generate text, and so on

. There are various use cases for NLP. A popular one has actually been support chatbot. Challenger bank Monzo has actually been using Hugging Face behind the scenes to respond to concerns from its consumers. Overall, around 5,000 business are utilizing Hugging Face in one way or another, including Microsoft with its online search engine Bing.

When it comes to business model, the startup has recently introduced a method to get prioritized assistance, handle private designs and host the reasoning API for you. Customers include Bloomberg, Typeform and Grammarly.

With the brand-new funding round, the business plans to triple its headcount in New York and Paris– there will be remote positions too. Interestingly, the company is also sharing some details about its bank account.

Hugging Face has actually been cash-flow positive in January and February 2021. The company raised a $15 million round a little over a year ago– 90% of the previous round is still offered on the checking account. And the business’s appraisal saw a fivefold boost. This shouldn’t come as a surprise as you can negotiate much better terms if you do not actually need to raise.

And it looks like Hugging Face is on the right path as the company is hosting a vibrant neighborhood of NLP designers. You can browse designs and datasets, benefit from them and contribute as Hugging Face is ending up being the main brick of NLP lovers.

Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.