PALO ALTO, Calif., Aug. 09, 2021 (GLOBE NEWSWIRE) – Snorkel AI, a data-centric AI platform company powered by programmatic data labeling, today announced $ 85 million in funding. Series C dollars, bringing the total funding raised to $ 135 million.
Snorkel AI is now valued at $ 1 billion, making it one of the few companies in the AI industry to reach a billion dollar valuation in two years. The new round was co-led by Addition, a new investor in Snorkel AI, and funds and accounts managed by BlackRock, a former investor. Other previous investors Greylock, GV, Lightspeed Venture Partners, Nepenthe Capital and Walden also participated.
BlackRock CEO Tony Kim said, “Snorkel AI tackles one of AI’s most difficult and time-consuming bottlenecks – the need for massive labeled data sets – with the industry’s first data-centric AI platform. With Snorkel Flow, corporate clients were able to develop and deploy AI applications in hours or days, instead of months, resulting in significant ROI.
Addition Founder Lee Fixel said, “By putting data at the center of the process, Snorkel AI is transforming the way AI is developed. Companies are starting to understand that when it comes to AI projects, data very often makes the difference between success or failure. With its pioneering approach, the Snorkel team has led this transition to data-driven AI and is well positioned to help a new wave of businesses take advantage of modern AI technologies.
Machine learning models have been widely commoditized for most business use cases today. The success or failure of AI projects depends on the labeled data used to train these models. Despite spending an enormous amount of time and resources manually labeling data, organizations end up with small, static, and often low-quality data sets. Practitioners are often forced to focus solely on the model. This model-centric approach fails to deliver production-grade performance and easily adapt to changing data.
Snorkel AI, founded in 2019 by a team from the Stanford AI Lab, is leading the shift in focus of AI practitioners from a model-centric to a data-centric approach. Snorkel AI is the only company that enables organizations to build AI applications with programmatic data labeling, eliminating the need to label notoriously expensive and inefficient data. Snorkel AI’s customers include some of the world’s largest brands, including Fortune 50 companies as well as US government agencies.
The company’s flagship product, Snorkel Flow, is the first data-centric AI platform that enables data scientists and non-technical experts to build applications by labeling data programmatically. In Snorkel Flow, users can tag and manage data using code, train models, and identify model error modes to iteratively improve them in a fast, data-centric workflow, by using both SDK and no-code interfaces. This shortens the development cycle and dramatically improves the quality of applications while being able to deal with bias or any deterioration in production performance.
With Snorkel Flow, organizations have achieved industry-leading machine learning model accuracy and reduced development time to days instead of months. For example, one of the top three US banks used Snorkel Flow to develop an application to process contracts with over 99% accuracy in less than 24 hours.
The new funding will allow Snorkel AI to bring the transformative impact of data-driven AI to more businesses around the world. The company plans to continue to develop its world-class engineering team, which includes engineers from Apple, Facebook, Google, Microsoft and NVIDIA, so that it can continue to aggressively innovate for customers around the world, as well as its placing on the market. team to drive adoption of AI.
“We are incredibly excited about the value Snorkel Flow has brought to our corporate clients by enabling them to take a programmatic, data-centric approach to AI, turning projects previously stuck on data into production value into A few days. This new Series C funding will allow us to further accelerate the pace of our product development and bring Snorkel Flow to even more areas and use cases, ”said Alex Ratner, Co-Founder and CEO of Snorkel AI.
To read Ratner’s blog on today’s news, simply go to: https://snorkel.ai/85-million-series-c-accelerating-data-centric-ai-enterprise.
About Snorkel AI
Founded by a team from the Stanford AI Lab, Snorkel AI makes developing AI applications fast and convenient by unleashing the power of machine learning without the bottleneck of hand-tagged training data. Snorkel Flow is the first data-centric AI platform powered by programmatic labeling. Backed by Addition, Greylock, GV, In-Q-Tel, Lightspeed Venture Partners and funds and accounts managed by BlackRock, the company is based in Palo Alto. For more information on Snorkel AI, please visit: https://www.snorkel.ai/ or follow @SnorkelAI.
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