Dataloop, a data annotation and labeling startup that develops software and services for AI system projects, announced that it has raised $33 million in a Series B funding round. Nokia Growth Partners (NGP) Capital and Alpha Wave Ventures led this latest financing. To date, the company has raised over $50 million in venture capital.
The new capital will be used to support global expansion, specifically by increasing footprints in the US, Europe, and Indian markets.
Founded in 2017, and based in Herzliya, Israel, Dataloop provides an enterprise-grade data platform for vision AI systems in development and in production. Dataloop’s data management and annotation platform is a one-stop shop for generating datasets from raw visual data – It includes a data management environment, data QA, an intuitive annotation tool with automatic annotation capabilities, and debug tools.
The company that builds provides businesses with a full data life-cycle management platform to help them move their AI project into production from start to finish, reducing time off the AI system development process. Originally, the company focused on data annotation for computer vision and video analytics. But in recent years, it beef up capabilities and added new tools for text, audio, form, and document data.
Currently, Dataloop has 60 employees and plans to grow its workforce to 80 employees by the end of this year. The company’s customers include global brands such as Intel, Toyota, LinkedIn, and Vimeo. Dataloop’s main rivals include Labelbox, which recently received more than $110 million in an investment round led by Softbank, and Scale AI, which has raised over $600 million in venture capital.