Snorkel AI – the latest AI unicorn11. August 2021
Snorkel AI – the latest AI unicorn
San Francisco, Aug. 11, 2021
Snorkel AI, which specializes in labeling data for AI applications, recently raised $85 million. The startup is now valued at $1 billion. This makes it the latest AI unicorn. The Palo Alto-based startup was founded at Stanford University’s artificial intelligence lab.
Data labeling involves adding annotations to information for training ML systems in such a way that other data sets can be analyzed more effectively. This not only saves time and money. Crucially, human annotators are no longer used to manually label large amounts of data.
Snorkel helps companies develop AI applications by “programmatically” labeling data or using scripts to automatically label data.
Its founders were scientists at the Stanford AI Lab and engineers from Google, Apple, Microsoft, Facebook and Nvidia. Competitors include Amazon, Cloudfactory, Appen, Labelbox and Scale AI. Its customer base includes U.S. banks, government agencies and large corporations.
The latest round of funding is the third for Snorkel. It was led by new investor Addition and former investor BlackRock, with participation from Greylock, GV (formerly Google Ventures) and Lightspeed.