Encord, a San Francisco, CA-based provider of an AI data development platform for advanced vision and multimodal teams, raised $30M in Series B funding.
The round was led by Next47, with participation from existing investors Y Combinator, CRV, and Crane Venture Partners.
The company intends to use the funds to expand its business reach and development efforts, automating AI data curation and management.
Led by Ulrik Stig Hansen, President, Encord is a data development platform built to make AI development more practical. The software addresses all four steps of turning data into AI: data management, curation, annotation and model evaluation. By consolidating this entire workflow into one platform, companies have a trail that shows why a model is making certain decisions. This allows enterprises adopting AI to uncover weaknesses and easily determine the correct data that is needed to retrain the model for a better outcome.
Encord can manage data for AI models based in images, videos, medical imagery, visual language, voice and more. With more than 2,000 predictive and generative models put into production, the solution is used by over 120 of the top AI teams from organizations such as Synthesia, Philips, Zoopla, Cedars-Sinai, Northwell Health, and many more.
To bring ease to the management and curation steps of the process, Encord is also launching Encord Index, an end-to-end data management tool that allows customers to visualize, search, sort, and control their internal data that will be used to train and create AI models. Index integrates with data storage such as AWS S3, GCP Cloud Storage, Azure Blob and others to automate the process of curating the best data and removing uninformative or biased data.
FinSMEs
14/08/2024