Labelbox plans to use the funds to expand globally and support product development. Here are the top-line bullets you need to know.
Labelbox, a training data platform, has raised $110M in a Series D round that drew participation from Andreessen Horowitz, B Capital Group, and SoftBank Group, among others.
How’s the company performing?
- California-based Labelbox enables machine learning teams to build real-world artificial intelligence.
- Its customers have been able to accelerate iteration cycles by up to 800% and decrease the time it takes to push models into production by 50%.
- The company has 200 global customers, including Chegg, Genentech, ArcelorMittal, and Warner Brothers.
- Labelbox states that its labeling automation model can help reduce costs by up to 50%.
Why does the market matter?
- The global data collection and labeling market is expected to reach a value of $8.2B by 2028, growing at a CAGR of 25.6%, according to Grand View Research.
- The cost, time, and complexity associated with developing AI models has contributed to market growth.