Israeli startup Dataloop, which developed a platform to manage and deploy computer vision pipelines, announced an $11 million Series A funding round. The investment was led by Amiti Ventures with participation from OurCrowd, NextLeap Ventures, SeedIL Ventures, and F2 Venture Capital.
Implementing AI while keeping your eye on the prize
Dataloop developed a SaaS platform that combines human and artificial intelligence to label data for training computer vision and powering enterprise production. According to Dataloop, 96% of companies face problems with data labeling when it comes to AI implementation and production. This is where the Israeli startup’s platform comes into play.
"Many organizations continue to struggle with moving their AI and ML projects into production as a result of data labeling limitations and a lack of real time validation that can only be achieved with human input into the system," said Eran Shlomo, CEO of Dataloop.
Dataloop claim that its proprietary platform can also optimize AI-assisted enterprises’ production process. Furthermore, the company's advanced platform consistently feeds 'real time' data back to human counterparts while simultaneously streamlining the workflow with automated annotation tools. Dataloop notes that “by keeping humans in the ‘loop’, algorithms can create more accurate and reliable predictions in less time, at scale and on budget.”
The company takes pride in the fact that enterprises can utilize Dataloop’s platform to implement AI in the production process without investing to many resources, allowing them to keep focus on their core developments.
Dataloop CEO Eran Shlomo explains in a conversation with Geektime that the platform’s advantage compared to competitors is found in its unstructured data management capabilities. “Another advantage is an SDK toolbox for data developers that enable automation and custom data pipelines. This results in organizations receiving an end-to-end data management solution that supports an organization’s entire data-network,” adds Shlomo.
Shlomo reveals that the idea for the platform came during time working at Intel, where he trained machine learning on processors. He adds that the focus on visual data was born when he mentored startups as part of Intel’s accelerator program.
Shlomo also talked about the funding round, saying that “with this investment we are committed, along with our partners, to overcoming these roadblocks and providing next generation data management tools that will transform the AI industry and meet the rising demand for innovation in global markets."
Dataloop was founded in 2017 by Eran Shlomo, CPO Avi Yashar, and CBO Nir Buschi. The company has 35 employees working from its Tel Aviv headquarters. The current funding round is added to a previously unannounced $5 million Seed round. The newly acquired funds will help the company recruit more top tier talent, and continue its expansion into the European and U.S. markets.