Powered by SaaS Industry
At a Glance
Snorkel AI has raised $85M in Series C from Addition, BlackRock and others at a valuation of $1B to double down on its commitment to customers, accelerate product development and AI research
Palo Alto-based Snorkel AI, a data-centric platform provider for building AI applications, has attained a valuation of $1 billion, raising $85 million in a Series C round co-led by Addition and BlackRock, an official announcement on Snorkel’s blog said.
The previous funding round for Snorkel was in April this year, where it netted $35 million. With the close of Series C, the total amount raised by the company to date has crossed $135 million. Other and existing investors – Factory and Cooley, Greylock, GV, Lightspeed Venture Partners, Nepenthe Capital, Walden International and Stone Bridge Ventures – participated in the funding round.
Snorkel AI, founded in 2019, specializes in data labeling and enables companies to AI-powered apps with it. It allows users to annotate and manage data using software development kits (SDK) and no-code interfaces, training models and identifying model error modes, and lets them improve on them.
Alexander Ratner, co-founder and CEO of Snorkel AI, wrote in an official blog post that data determines whether their AI fails or succeeds in today’s organizations. When such data moves to the forefront, managing and labeling difficulties increase, he stressed.
At the forefront of this shift from model-centric to data-centric AI, our platform, Snorkel Flow, has enabled some of the world’s largest and most sophisticated organizations to bridge this gap between the challenges of real-world data and the power of modern AI. Snorkel Flow is the first and only data-centric AI development platform that enables users to programmatically label datasets, train and deploy models, identify error modes in their data, and rapidly iterate to improve and adapt, all without needing to spend months manually labeling dataAlexander Ratner, co-founder and CEO of Snorkel AI
Snorkel would use the proceeds from the funding to accelerate its years of AI research and its product development. Alex enunciated that the company would significantly speed up the build-out of its go-to-market and customer success infrastructure, and double down on its commitment to driving immediate and measurable AI acceleration to every customer.