On August 7, machine learning startup Scale AI announced it raised $100 million in Series C funding from some of Silicon Valley's top investors. The round valued the 3-year-old startup at $1 billion. Scale AI's 22-year-old founder Alexandr Wang told Business Insider that he wants the data labeling startup to become the infrastructure for machine learning technology, similar to what Amazon Web Services did for cloud computing. The New Mexico-native dropped out of MIT after only a year to build the company and would have graduated with his class this summer if he had stayed.