- Scale AI is an AI data platform that provides machine learning (ML) teams with high-quality training data.
- In January, Scale AI said it was selected as a government-wide AI partner under a US$ 249 million deal.
- Toyota, Samsung, PayPal, Flexport, and US government institutions like the US Army and Air Force use Scale AI.
The initial public offering (IPO) market has failed to gain momentum since the start of 2022, and it seems that due to uncertain market conditions, it will remain weak throughout this year.
The global economy is in crisis, and stock markets are hit due to recession fears amid rising inflation. In Canada, the Bank of Canada recently hiked interest rates again, and it is expected that the Federal Reserve in the United States could follow suit.
Despite the weak IPO market this year, some private companies continue to attract the attention of potential investors. On Monday, interested investors were looking for the Scale AI stock.
Let's find out more about the artificial intelligence (AI) company in this article and why it is gaining traction.
What is Scale AI?
Scale AI is an AI data platform that provides machine learning (ML) teams with high-quality training data. The company speeds up AI development by providing the necessary data infrastructure.
Toyota, Samsung, PayPal, Flexport, and US government institutions like the US Army and Air Force use Scale AI. The company was formed in 2016, and it is reportedly valued at US$ 7.3 billion.
In January, Scale AI said that it was selected as a government-wide AI partner under a US$ 249 million deal by the Department of Defense (DoD) Joint Artificial Intelligence Center.
The company said its market-leading technology would be made available to all federal agencies, allowing them to tackle their most pressing AI challenges.
As per the official website, Scale AI has raised US$ 603 million in funding since its inception and has a workforce of 600 employees.
People are looking for Scale AI IPO plans and Scale AI stock as its chief executive officer (CEO) and founder, Alexandr Wang, has reportedly become the world's youngest self-made billionaire. Mr Wang had started Scale AI at the age of 19, and his estimated stake in the company is 15 per cent.
Retail investors cannot buy the Scale AI stock as it is not available on a stock exchange and only venture capital firms and private investors have a stake in the company.
We don't know if Scale AI IPO plans exist because the company has not officially announced anything. Hence, potential investors will have to watch the company's developments.
Please note, the above content constitutes a very preliminary observation or view based on digital trends and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.