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

Wang will remain involved with Scale AI as a board member and is expected to bring several employees with him to Meta. He has led the company since co-founding it in 2016 to supply high-quality labeled data—sourced through human contractors—for training A.I. systems.

Scale AI Inc. says its founder and Chief Executive Alexandr Wang is leaving to join Meta Platforms Inc., after confirming that the social media giant has made a “significant” investment in the company.