TEL AVIV, Israel, Oct. 14, 2020 /PRNewswire/ -- Dataloop, a leading platform for AI data management and annotation, today 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.
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.
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."
"I am very excited to be joining Dataloop as an investor and board member," said Modi Rosen, Managing Partner of Amiti VC. "Dataloop has developed the most advanced platform for AI labeling and unstructured data management in the AI era, and the efficiency of this platform will become a competitive advantage for their customers."
"We are thrilled to double-down on Dataloop as they power enterprises all over the world on mission critical, machine learning applications," said Barak Rabinowitz, F2 Venture Capital.
Founded in 2017, Dataloop has already established itself as a leader in the field of data annotation and labeling with a growing list of customers including Standard, Foresight Automotive, Descartes Labs, and Transenterix.
Dataloop is the leading SaaS platform for AI data annotation and data management focusing on accelerating vision AI. Dataloop's proprietary platform works to streamline the process of preparing unstructured data by weaving together both human and machine intelligence and to power enterprises successfully in production AI. Founded in 2017, Dataloop eliminates the data challenges companies face allowing them to focus resources on their core business and help make machine learning systems accessible, affordable and scalable. Dataloop is based in Tel Aviv, Israel. For more information, please visit: https://dataloop.ai/
About Amiti Ventures
Amiti is an Israeli-tech focused venture capital firm who seeks early-stage companies with the potential to disrupt or create billion-dollar markets. Amiti invests in the best Israeli teams; empowering new and seasoned entrepreneurs to build and develop outstanding global companies. The Amiti team has decades of experience leading Operations, Sales & Marketing, and R&D organizations in Israeli Tech. Amiti has a proven ability to identify and provide hands-on Board level leadership in the most promising, up and coming Israeli Tech companies.
About F2 Ventures
F2 Venture Capital is a specialized, seed-stage venture capital fund backing Israeli deep technology companies at the nexus of Big Data, Artificial Intelligence, and Connectivity. As founder oriented, hands-on investors, F2 also operates The Junction, Israel's leading pre-seed investment program in partnership with leading multinational corporations. More details @www.f2vc.com