Google’s Gradient Ventures has returned to help bring the total financing for AI data training platform developer Labelbox to $79m.
Labelbox, the US-based developer of an artificial intelligence (AI) data training platform, has raised $40m in its series C round including internet technology provider Google’s artificial intelligence fund, Gradient Ventures.
B Capital Group, a venture capital firm backed by consultancy Boston Consulting Group, led the round with investments from Andreessen Horowitz, Kleiner Perkins, First Round Capital and individual investor Cathie Wood.
Labelbox has created a data training platform used by organisations to support the development of AI software. Through the platform, users can input and annotate data such as images and text as well as manage internal and external labelling teams.
The money has been allocated to making Labelbox’s technology for processing and labelling data faster and easier.
Labelbox has now obtained at least $79m since it was founded in 2018.
Gradient Ventures, First Round Capital and Kleiner Perkins’ predecessor, Kleiner Perkins Caufield & Byers, provided $3.9m of seed funding in 2018, before joining angel investor Sumon Sadhu in the company’s $10m series A round in April 2019.
Andreessen Horowitz led Labelbox’s $25m series B round in February 2020, backed by Gradient Ventures, Kleiner Perkins and First Round Capital.
