Dataloop, a Tel Aviv-based startup developing a platform for AI data management and annotation, is launching with a total of $16 million in funding. The investments include a recently closed $11 million Series A round led by Amiti Ventures with participation from F2 Venture Capital, OurCrowd, NextLeap Ventures and SeedIL Ventures. F2 Capital also led a $5 million seed round last fall.
The Israeli company notes that the AI market is projected to become a $190 billion industry by 2025, but an alarming 96 percent of companies face problems with data labeling when it comes to AI implementation.
Dataloop’s SaaS tool is designed to “keep humans in the loop” when it comes to data labelling and validation, so that algorithms can work quickly and accurately, and teams can focus on actually deploying AI in whatever field — from retail to agriculture to autonomous vehicles.
Though just announcing its launch now, the startup was founded in 2017 and is already serving a growing list of customers, including Standard, Foresight Automotive, Descartes Labs and Transenterix. The fresh funding will enable the AI company to continue hiring and grow its presence in the US and European markets.
Photo: Founders Nir Buschi, Avi Yashar and Eran Shlomo