The funding helps Snorkel AI reach a $1B valuation. Here are the top-line bullets you need to know.
Snorkel AI, a platform for developing training datasets, has raised $85M in a Series C funding round. The round drew participation from BlackRock, Lightspeed Venture Partners, and Google Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Snorkel, which evolved from Stanford’s AI lab, enables developers to deploy AI-based applications about 10 to 100 times faster.
- Its Snorkel Flow platform allows users to programmatically label large amounts of data.
- The company’s customers and partners include big players like Apple, Google, Intel, IBM, YouTube, the U.S. Department of Justice, and Stanford Medicine, among others.
WHY DOES THE MARKET MATTER?
- The Enterprise AI market is projected to grow at a CAGR of 35.4% to reach a value of $53.1B by 2026, according to Allied Market Research.
- AI companies raised a record $33B in equity funding in 2020. And as commercial applications of AI scale rapidly, enterprises want to become “AI-first”. At the same time, ML models have become increasingly complex, driving a need for more cost-effective AI applications that help save time.
- Enterprise AI spend has grown exponentially and is expected to cross $500B by 2024, according to the IDC.