CrowdFlower wins investor trust as the human-in-the-loop AI category leader
Artificial Intelligence Platform-CrowdFlower, has raised $20M in funding that brings the total investment in the firm to $58 million. The investment was led by Industry Ventures, with participation from Salesforce Ventures (new investor), Canvas Ventures, Microsoft Ventures, and Trinity Ventures.
CrowdFlower is an essential human-in-the-loop AI platform for data science and machine learning teams. It will deploy the new funds in growing its operations by hiring new data scientists, machine learning experts, engineers, customer success managers, and sales and marketing professionals. Also, it plans to extend its platform functionality and develop integrations into other machine learning technologies.
Robin Bordoli, the CEO, CrowdFlower, said: “With this funding, we can accelerate our reach and help data science and machine learning teams everywhere, produce the training data they need within the scale, cost and quality parameters that matter to them.”
Producing high-quality training data is key to large scale AI adoption
Bordoli remarked, “We are at the beginning of a Cambrian explosion of AI applications within the enterprise.” This implies the most important evolutionary event in the history of AI.
However, there are bottlenecks to the large-scale adoption of machine learning, which is the availability of high-quality training data and human-in-the-loop workflows to handle the failure states of the algorithm.
Bordoli likens machine learning model without training data and human-in-the-loop workflows to a rocket ship with a large engine but no fuel and no navigation system. “It won’t reach escape velocity nor will it achieve the trajectory to land on its intended target, ” Bordoli continued. This is the reason it cites to highlight the imperativeness of producing the training data with the help of data scientists.
How Crowdflower won Investor Trust?
According to EVP of Corporate Development and Salesforce Ventures at Salesforce, John Somorjai, CrowdFlower is a great example of the amazing innovation and commitment to customer success that we’re seeing in the Salesforce ecosystem as customers embrace AI.
Another investor, Industry Ventures has been systematically surveying the AI industry looking for the companies who deliver mission critical components in making AI work, found CrowdFlower as the leading player in the newly emerging category called- human-in-the-loop for machine learning.
Jonathan Roosevelt, Venture Partner at Industry Ventures, said: “With their software platform, they are solving a big horizontal problem across a range of verticals, so their addressable market opportunity today is 100,000 data scientists inside 15,000 companies in North America, and growing very rapidly. We’re excited to partner with them in the next stage of their development as they create and lead this new category.”
Exactly a year ago, in June 2016, CrowdFlower received $10 million in funding from Microsoft Ventures, Trinity Ventures, and Canvas Ventures.