Israel-based artificial intelligence and data labelling software startup company Dataloop successfully raised a total of $16 million. The company obtained an initial $5 million in an undisclosed seed round, while it garnered $11 million in its Series A investment round, reports Tech Crunch.
The Series A funding round was led by Amiti Ventures. F2 Venture Capital also participated in the investment round together with the crowdfunding platform OurCrowd, NextLeap Ventures, and SeedIL Ventures. The Series A investment round saw an $11 million funding for the Tel Aviv-based firm.
Founded in 2017 by chief executive officer Eran Shlomo, chief product officer Avi Yashar, and chief brand officer Nir Buschi, Dataloop is an artificial intelligence data management and annotation startup firm that leverages machine learning and intelligence capabilities.
According to Verdict, the company sells software as a service (SaaS) platform designed for data training and labelling purposes to power the AI systems within a company. Apart from machine learning, it also uses human input for its products for its data training and labelling service.
Meanwhile, Venture Beat shares that customers can use its platform to find, edit, and query data. Users can also use filters in their datasets for improved annotation services across a variety of outputs and documents.
In a statement, CEO Shlomo said, “Many organizations 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.”
“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.”
Following the fund injection, Dataloop plans to grow its company and double down on its recruitment efforts. Ctech reveals the startup company aims to strengthen its presence in the United States and expand in European markets.
As of writing, the Israeli artificial data management and annotation startup have 35 employees working in their Herzliya offices. In the coming months, Ctech says the company intends to increase its employee count by 60 within a year.
Apart from fuelling its expansion plans, Venture Beat reports that Dataloop is confident in being able to take part in creating “the next generation of smart applications” with its cognitive cloud capabilities.
Venture Beat states that Dataloop currently has approximately 5,000 users on its platform, with the likes of Fortune 100 companies on its list. Among its list customers are Descartes Labs, Foresight Automotive, and Transenterix.