[ad_1]
Labelbox, a service provider for the creation, management and maintenance of data sets for machine learning applications, raised $ 10 million through a new tranche of funding.
Funding came from Gradient Ventures, a venture capital fund focused on Google's artificial intelligence, with participation from previous investors Kleiner Perkins of First Round Capital and Sumon Sadhu, an angel investor.
Labelbox manages the outsourcing process of data labeling for organizations and provides toolkits for companies to manage the data they receive and ensure the quality of that data, according to the general manager, Manu Sharma.
For the founders of Labelbox, Sharma; Dan Rasmuson, technical director of the company; and Brian Rieger, Director of Operations; the tools they have developed are just an extension of the services they needed from their former employers – companies like DroneDeploy, Planet Labs and Boeing.
Funding for the round will double the size of its team from eleven to 22, and strengthen its sales and marketing teams.
Labelbox has about 50 customers for its service and bills them based on the amount of data companies download and the range of services they use, Sharma said. Customers named include FLIR Systems, Lytx, Airbus, Genius Sports and KeepTruckin.
As we announced at the stealth launch of Labelbox last year, everyone can use the company's toolbox for free. Companies are billed when they reach a certain threshold of use. Lytx, for example, uses Labelbox for its DriveCam, a system installed on half a million trucks equipped with cameras that use artificial intelligence to detect unsafe behavior of drivers to enable them to improve. And the giant of the media and publishing Conde Nast uses Labelbox to match fashion shows to related items in their content archives.
"Labelbox dramatically reduces model development time and allows data science teams to create excellent machine learning applications," Sharma said in a statement. "With this new funding, Labelbox will continue to bring a data labeling infrastructure to machine learning teams, with powerful automation, collaboration and enterprise-level capabilities."
Gradient Ventures was sufficiently interested in technology to invest and sees in the company's ability to support the development of machine learning tools on a global scale.
"Labelbox is well positioned to fuel the industrialization of machine learning in many industries, such as manufacturing, transportation and healthcare. In doing so, they will unleash the potential of AI for businesses around the world, "said Anna Patterson, Founder and Managing Partner of Gradient Ventures.
Source link
