Labelbox pulls in $10m for Series A round

Labelbox, a machine learning application platform, has pulled in £10m for its Series A funding round.

The investment was led by Gradient Ventures, the AI-focused venture fund from Google. Previous Labelbox investors Kleiner Perkins and First Round Capital also made contributions to the Series A.

As part of the deal, Gradient Ventures founder and managing partner Anna Patterson will join the Labelbox board of directors.

With the fresh funds, the company will look to double the size of its team with a focus on its engineering, sales, marketing and customer success positions.

The company is a collaborative training data software for machine learning teams so businesses can make the most of AI. Clients can collate their in-house and external labelling activities into a single location and ensure the machine learning technology has easy access to all training data, whether its connected through cloud storage, uploaded or streamed via APIs.

Its technology is used across the insurance, self-driving vehicles, robotics, drones, and retail industries. Insurance companies leverage the platform to build and operate AI systems to handle claim adjustments, calculate risk predictions, and lower operating costs.

In a company blog post regarding the deal, it said, “Labelbox is building software for industrial data science teams to do data labeling and management for the training of neural networks. When we build software, we take for granted the existence of collaborative tools to write and debug code. The machine learning workflow has no standard tooling for labeling data, storing it, debugging models and then continually improving model performance.

“Labelbox’s mission is to enable data science teams to build great machine learning applications by creating software for data scientists to manage data and train neural networks in the same way that GitHub and text editors are defaults for software engineers.”

Copyright © 2019 FinTech Global

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