Meta’s multi-billion-dollar bet in artificial intelligence (AI) startup Scale AI is official. The startup announced receiving a “significant investment” from the social-media giant. Rumors regarding the investment have been doing the rounds since the start of the week.

Data-labeling firm Scale AI confirmed on Friday that it has received a "significant" investment from Meta that values the startup at $29 billion.

When Alexander Wang founded Scale AI in 2016, the AI landscape was still in its early stages. The data labelling startup, driven by Wang’s vision, quickly became a key player in the AI landscape, growing to over 1,500 employees and securing crucial partnerships across industries and governments.