San-Francisco based Labelbox, a training data platform for enterprise machine learning applications raised US$ 40 million in Series C funding on 12 February 2021.
Investors: The funding round was led by B Capital Group. Other participants include previous investors Andreessen Horowitz, First Round Capital, Gradient Ventures (Google’s AI venture fund) and Kleiner Perkins and new investor Catherine Wood, CEO and founder of ARK Invest. Labelbox has raised US$ 79 million in venture funding to date.
Purpose of the funding: The funds will be utilized towards acquiring new customers, expanding its solutions and growing its workforce.
Founded in 2018 by Brian Rieger, Daniel Rasmuson and Manu Sharma, Labelbox provides a software platform to manage, annotate and iterate training data, the most important intellectual property of the artificial intelligence age. It functions as a command centre for enterprise data. The software automates the process with a pre-labelling web-based platform enabling enterprises to connect and collaborate easily across databases, BPOs and labelling services regardless of time zone or geography. Labelbox helps to accelerate iteration cycles and cutting development time in half in pushing new models into production.
Data labelling is a billion-dollar market and is expected to nearly quadruple in the next four years. High-quality labelled training data is becoming a valuable asset for enterprises adopting supervised learning solutions.
Labelbox is used by diverse industries such as media, military intelligence agriculture, insurance and healthcare. Some of its clients include Genentech, Warner Brothers, Bayer and BASF.
What the founder has to say: “We give ML teams a complete workflow that organizes and manages data, people and processes to drive competitive business advantage for companies in every major enterprise vertical. Our software platform creates the best collaboration possible between automation and human expertise. We understand that our customer’s success depends on speed. Faster iteration loops via automation is the engine powering improved performance in AI,” said Manu Sharma, CEO and co-founder of Labelbox.
What the investors have to say: “Data has become the most valuable asset a company can possess, regardless of industry, and machine learning is emerging as the key enabler for digital transformation by leveraging data insights. However, most enterprises that adopt machine learning spend over 80% of their time in data labelling and data management,” said Rashmi Gopinath, General Partner at B Capital Group.
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