Stanford spinout Snorkel AI has now raised $135m overall and pushed its valuation to $1bn, thanks to commitments from investors like GV.
Snorkel AI, a US-based developer of a programmatic data labelling platform spun out of Stanford University, has picked up $85m in a series C round that valued that business at $1bn.
Funds and accounts managed by BlackRock led the round, while GV, an investment subsidiary of diversified technology group Alphabet, Greylock, Lightspeed Venture Partners, Nepenthe Capital and Walden International also supplied cash.
Snorkel Ai has built a platform that labels data programmatically, allowing clients such as data scientists to build artificial intelligence applications without the need to manually identify raw data – a laborious and therefore expensive process.
The fresh capital allows Snorkel AI to further grow its engineering team as the spinout looks to attract more customers around the world.
Alex Ratner, co-founder and chief executive of Snorkel AI, said: “We are incredibly excited by the value Snorkel Flow has driven for our enterprise customers by enabling them to adopt a programmatic, data-centric approach to AI, taking projects previously blocked on the data to production value in days.
“This new series C funding will enable us to accelerate the pace of our product development even further and to bring Snorkel Flow to even more domains and use cases.”
