Data labelling software startup Dataloop has raised $16m to fund a recruitment push and expansion plans in the US and Europe.
The Israel-based company completed an $11m Series A round led by venture capital group Amiti Ventures. F2 Venture Capital, OurCrowd, NextLeap Ventures and SeedIL Ventures also participated in the round, which follows a previously undisclosed $5m seed round.
Founded in 2017, the company sells a software as a service platform that uses a combination of machine learning and human input for training and labelling data to power an organisation’s artificial intelligence (AI) systems.
AI depends on large amounts of data to train the underpinning algorithms. This data needs to be structured and labelled to ensure it results in the desired output, yet many organisations struggle with poor data quality.
According to research by AI training firm Alegion, 96% of companies run into problems with data quality.
Dataloop’s platform can also be used by enterprises while their AI is in production, feeding data back in real-time where humans can oversee the results.
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It counts companies like Foresight Automotive, Descartes Labs and Transenterix among its customers.
“Many organisations continue to struggle with moving their AI and ML projects into production as a result of data labelling 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.”
As part of the investment Modi Rosen, managing partner of Amiti VC, joined the Dataloop board.
“Dataloop has developed the most advanced platform for AI labelling and unstructured data management in the AI era, and the efficiency of this platform will become a competitive advantage for their customers,” he said.