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.

Alexandr Wang dropped out of MIT to co-found Scale and was quickly lauded as one of Silicon Valley's most promising entrepreneurs, raising funding from blue-chip venture capital firms and achieving billionaire status in his 20s.