Scale AI CEO leaving
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Data-labeling firm Scale AI confirmed on Friday that it has received a "significant" investment from Meta that values the startup at $29 billion.
Scale AI's biggest customer Google plans to part ways with Scale after news broke that Meta is taking a 49% stake in the startup.
Meta is making its first major minority investment in an outside company as it tries to catch up to a growing field of artificial intelligence rivals.
Google is planning to end its business relationship with Scale AI after its rival, Meta Platforms Inc (NASDAQ: META), acquired a 49% stake in the AI data-labeling startup.
With Scale AI founder and CEO Alexandr Wang headed to Meta for high-profile role in artificial intelligence, the startup is promoting its strategy head.