Dataloop, a leading platform for AI data management and annotation, announced it has raised $16 million in funding following the completion of an $11 million Series A round led by Amiti Ventures with participation from F2 Venture Capital, OurCrowd, NextLeap Ventures and SeedIL Ventures. The investment follows a previously undisclosed $5 million seed round and will enable the company to increase recruitment efforts and grow its presence in the US and European markets.
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The AI market is projected to become a $190 billion industry by 2025, but an alarming 96% of companies face problems with data labeling when it comes to AI implementation and production. The labeling and management of large amounts of unstructured data (images, videos, audio files etc.) is the first step toward the development of training AI models—a time-consuming, costly, and often error-prone process. Beyond the model training phase, enterprises face the additional challenge of managing AI in production.
Dataloop’s proprietary, customizable SaaS platform weaves together human and machine intelligence, not only for training and labeling data but also for powering enterprises successfully in production. The company’s advanced platform consistently feeds ‘real time’ data back to human counterparts while simultaneously streamlining the workflow with automated annotation tools. By keeping humans in the loop, algorithms can create more accurate and reliable predictions in less time, at scale and on budget, allowing organizations to deploy AI in production successfully and focus on their core business for a range of verticals, including retail, agriculture and autonomous vehicles.
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The company raised its Series A round amid the coronavirus outbreak, an unprecedent time during which the importance of accelerating the development of AI capabilities took center stage.
“Many organizations continue to struggle with moving their AI and ML projects into production as a result of data labeling limitations and a lack of real time validation that can only be achieved with human input into the system,” said Eran Shlomo, CEO of Dataloop. “With this investment we are committed, along with our partners, to overcoming these roadblocks and providing next generation data management tools that will transform the AI industry and meet the rising demand for innovation in global markets.”
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