Trending in the latest ai-tech news, Labelbox, a training data platform for machine learning applications has raised $10 Million in order to specifically accelerate and support its machine learning applications. The funds were raised by Google’s AI-focused venture fund, Gradient Ventures. Previous investor, Kleiner Perkins and an angel investor, Sumon Sadhu were also a part of this Series-A funding round.
Labelbox is in the process of building the best computer vision data labelling and management solution for industrial machine learning applications. The company’s aim is to become the default software for machine learning teams to create and manage high-quality training data. And this big leap of gaining huge funds is going to prove extremely beneficial for Labelbox. Manu Sharma, found and CEO of Labelbox expressed, “We’re excited to work with the team at Gradient Ventures and appreciate their support as we scale our business to meet customer demand”.
What is Labelbox?
Labelbox is a collaborative training data platform for computer vision machine learning applications. The company is based in San Francisco and was founded in 2018. Inclusive of the latest funds raised by Labelbox, it has previously raised $14 million in capital from leading VCs in Silicon Valley. This firm has created the world’s first training data platform which acts as a central hub for humans to interface with AI. This solution by Labelbox is going to help companies to reduce their expenses related to their homegrown tools. The company believes that if humans have better ways to input and manage data, machines have better ways to learn.
Gradient Ventures: AI-Focused Fund Raiser
Gradient Ventures is Google’s AI-focused venture fund, founded in 2017 and based in California. The company functions by investing in and associates with startups working in the initial stage of existence with Google’s resources, innovation, and technical leadership in artificial intelligence. The funds raised by the company focuses on helping founders navigate the challenges in developing AI-based products. This allows growing companies to take advantage of the latest techniques so that great ideas can come to life.
Labelbox’s Vision By Associating With Gradient Ventures
The method in which Labelbox is functioning is to substantially reduce model development times and empower data science teams to build great machine learning applications. The company, on receiving the funds from Gradients Ventures plans to continue to grow and bring down labelling infrastructure to the machine learning teams. This will be supported by powerful automation, collaboration and enterprise-grade features.
Anna Patterson, founder and managing partner at Gradient Ventures expressed that Labelbox is well-positioned to fuel the industrialization of machine learning across many sectors, such as manufacturing, transportation and healthcare. In doing so, they will unlock the potential of AI for companies across the globe.
On the other hand, Labelbox is the key technology in enabling AI teams to develop new breakthrough products. Since the confluence of accessible GPU compute and deep learning technology has paved the way for companies to build production AI systems. Labelbox is now teaching machines to think!
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