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

Meta Platforms has finalized an investment in Scale AI that values the startup at over $29 billion, Scale AI said on Thursday.

Meta Platforms Inc. has finalized a multibillion-dollar investment in Scale AI and recruited the startup’s chief executive officer to join its artificial intelligence efforts — an unusual deal that signals a heightened push by the social media giant to catch up on AI development.