Smart data platform DefinedCrowd today announced they have successfully raised $50.5m in a Series B funding round with new investors Hermes GPE and Semapa Next taking part alongside existing investors Bynd Venture Capital, EDP Ventures, Evolution Equity Partners, IronFire Ventures, Kibo Ventures, and Portugal Ventures.
The additional capital will be used to enhance their suite of products, increase available resources for R&D of new initiatives and services to add value to customers, and expand their international client list.
This Series B funding round brings DefinedCrowd’s total raised capital to $63.4m over a five year period and is also the largest Series B funding round to be raised by a female-founded AI company in the US giving kudos to women in technology.
Daniela Braga, CEO and founder of DefinedCrowd said: “It’s amazing to think of how far we have come in such a short time. A few years ago, I saw the gap between the AI models data scientists wanted to develop and the training data available to build them.”
DefinedCrowd uses its SaaS smart data platform to deploy “high-quality AI training data to fuel your AI and machine learning initiatives” through it’s three available product services: Enterprise Portal, API, and Neevo.
The companies approach uses a community of over 290,000 contributors from 195 countries who can be paid to complete tasks such as labeling, typing, and identify spoken words and phrases to be used in their clients data sets.
Currently the smart data platform supports over 50 languages and 79 dialects which is roughly 90% of the world’s spoken languages, all of which come at an accuracy rate of up to 98%.
The smart data platform comes with a dashboard for real-time progress where developers can see the results of using multiple data sets to improve a data created algorithm specific for that client’s market or targeted outcome.
Daniela explained the reason for people using their platform: “It’s clear that our innovative SaaS platform, industry-leading quality and fast-delivery guarantees have cemented our global reputation as the trusted source for AI data.”
The investment comes at a time where other data visualisation and enabler tools have had successful rounds including Adverity raising $30m for their marketing data reporting and Dathena raising $12m for their AI data security platform.
Seattle based DefinedCrowd started in 2015 with $200,000 raised in capital and has grown to having four offices across three continents with a working team of over 250 in mid 2020.
Over the past year, DefinedCrowd has reported an increase in revenue by 656% and an increase in team members by 176% YoY.
Speaking on the recent growth and plans for the future with the secured funding, Daniela said: “Our future is looking bright. The demand for AI-enabled products is increasing exponentially across almost every industry and geography. With our talent, resources, and valued investors we are well on our way to achieving our goal of becoming the world’s best data company for artificial intelligence.”
DefinedCrowd has a roster of global clients on its roster including Mastercard, BMW, Nuance, and randstad while being backed by long-term investors Amazon Alexa Fund, Sony Innovation Fund, and Mastercard.
DefinedCrowd is not the only company offering a smart data platform in the $5bn data annotation tools market with Scale AI also competing who raised $100m in August last year and CloudFactory who raised $65m in November 2019.
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