Dataloop’s series B funding is led by NGP Capital and Alpha Wave Ventures to support its full data lifecycle management platform for AI projects; acceleration of enterprises transition to data-centric AI workflows
Dataloop, the leading platform for AI data management and annotation, announces a fresh $33M in Series B funding, which brings the company to a total of $50M in venture capital funding. The round was led by NGP Capital and Alpha Wave Ventures, with participation from existing investors from Dataloop’s Series A, including Amiti Ventures, F2 Venture Capital, and global crowdfunding venture firm, OurCrowd. This financial support will be used to expand Dataloop globally, specifically by building teams in the US, Europe, and India.
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The future of AI is not about human replacement but human augmentation, where AI applications are starting to go into production and humans are in the backend, validating, correcting, monitoring, and enhancing the algorithm results. Solid unstructured data pipelines and management are critical components to ensure that a fast, accurate, fair, and cost-effective AI is served to users. This is where the Dataloop platform comes in.
All AI models are “taught” by humans through the data labeling process, in which a human teaches the machine the rules using positive and negative data examples. The Dataloop data centric platform offers a developer-first full data life-cycle management platform in order to speed up this process. Using Dataloop data pipelines, large-scale unstructured data/meta-data management, and data applications, enterprises can now close their data loops faster and shorten the time to market for a high quality AI application. With attention to quality processing data from production into the training pipeline as a key differentiator, and teams focused on closing the data loop and scaling their solution now have a clear advantage over more algorithm-driven teams.
In its Series A round in 2020, Dataloop raised $11M, and Combined with its seed round of $5M they raised previously from F2, SEEDIL and NLV, Dataloop has raised a total of $50M in funding. Since then, the company has signed numerous enterprise customers including major brands such as Intel, Toyota, LinkedIn, and Vimeo. Its technology can uplift AI effectiveness across many industries including retail, agriculture, robotics, autonomous vehicles, construction, and more.
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“Dataloop has pinpointed a large obstacle in an important and fast-growing market. Most companies these days have a dedicated team working on data management and AI integrations, and they all face the same challenges,” says Christian Noske, Partner at NGP Capital. “Dataloop has built a great platform that will have a significant impact on the AI production industry as a whole. We look forward to working with the Dataloop team to drive forward further global expansion.”
“Dataloop has continually demonstrated that it is the leading AI platform for not only data annotations but the full lifecycle for AI and ML projects,” said Rick Gerson, Chairman of Alpha Wave Global. “We are excited to work closely with Dataloop, particularly in expanding into new regions, such as India.”
“The Dataloop platform helps businesses of any size to move their AI project into production from start to finish. We are working to break through the limitations of AI development and create efficient workflows, easy-to-use management systems, and accurate annotation tools, so teams of all industries can use them,” says Eran Shlomo, CEO of Dataloop.
With the support and funding from their current investors, NGP Capital and Alpha Wave Ventures, Dataloop is planning to expand and take its AI data management tools globally by hiring more team members and opening new offices in select locations.
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