Encord Secures $30 Million in Series B Funding

Encord, a data development platform, has raised $30 million in Series B funding to advance the future of multimodal AI data development. The funding round was led by Next47, with participation from existing investors such as CRV, Crane Venture Partners, and Y Combinator.

The company intends to use the additional investment to accelerate its product roadmap, enabling the company to offer even greater support to both existing and new users.

Ulrik Stig Hansen, Co-Founder, and President of Encord said: “In 10 years, every company will have an AI department in the same way that they have an IT department today or risk losing relevance, and Encord will be the only platform they need to accomplish the process of turning data into functional AI models. As AI models begin tackling increasingly complex problems, the access to and management of data will only become more crucial. By leading with automation, we’ve built a scalable solution to support customers on every step of their AI journey.”

T.J. Rylander, General Partner of Next47 shared: “We’re seeing a lot of innovation at the model and compute layers of AI but not as much innovation at the data layer. Encord’s forward-thinking platform addresses one of the biggest challenges in AI today – understanding and managing the data that will give enterprises high-quality, reliable outcomes from their AI applications, therefore lowering the risk of AI implementation. The market has long needed a solution for the AI data problem and we are proud to back Encord as the startup that has found it.”

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About Encord:

Encord is a data development platform for advanced vision and multimodal AI teams. It provides tools and infrastructure that help clients get their models into production faster. The platform includes a data-focused model testing and evaluation system, user-friendly workflow and annotation tools for labeling and RLHF, and software for managing and organizing data.

The software covers all four steps of transforming data into AI: data management, curation, annotation, and model evaluation. By bringing this entire process into one platform, companies can track and understand why a model makes certain decisions. This helps organizations using AI to identify weaknesses and easily find the right data needed to retrain the model for better results.

Encord has launched Encord Index, designed to simplify multimodal data management and curation. Encord Index is an end-to-end data management platform that enables users to visualize, search, sort, and manage their internal data at scale. The platform provides AI teams with full control and governance over their data, empowering them to understand and operationalize large private datasets in a collaborative and secure environment.

(Source: Encord, Tech Funding News)