DefinedCrowd Raises $11.8M to Make Artificial Intelligence Smarter
SEATTLE, July 31, 2018 (GLOBE NEWSWIRE) -- DefinedCrowd Corp., a smart data company for AI, announced the closing of a $11.8M Series A funding round today. Led by New-York/Zurich based Evolution Equity Partners, the round brought in Kibo Ventures, Mastercard and EDP (Energias de Portugal) as new investors, and secured additional capital from current investors Sony, Portugal Ventures, Amazon Alexa Fund, and Busy Angels.
“DefinedCrowd’s SaaS platform has very quickly positioned the company as an innovative leader to solve AI/ML’s global most pressing problem, the need for continuous access to highly accurate data. Evolution Equity Partners is honored to lead this growth-targeted Series A round that comes at an inflection point for DefinedCrowd to manage its triple digit revenue growth trajectory and customer on-boarding globally,” says Dennis Smith, Founder and Managing Partner at Evolution Equity Partners and the newest member of DefinedCrowd’s Board of Directors.
The capital secured in this Series A round will be used to develop DefinedCrowd’s product offerings, expand the team, and rapidly increase market-share globally. This follows the 6x year-over-year company growth and expansion efforts put in motion at the beginning of this year – in January the company publicly unveiled its SaaS platform allowing data scientists to collect, enrich and structure data to train their AI and ML models via Web API and Web UI; in April they opened their fourth office, located in Tokyo, to expand and reinforce their presence in the Asian market, and hired Stephen Rauch, a former executive at Starbucks, HBO and Microsoft, as VP of Product.
“This is a super important milestone for any start-up. I am very honored that we were Series A ready in less than 3 years thanks to our incredible market validation,” says founder and CEO Dr. Daniela Braga. “The AI revolution is increasing the need for high-quality data and it is highlighting the challenges inherent to training models with precision. With this funding, we’ll be able to continue growing our products, both the enterprise portal and Neevo. We will continue to execute on our machine learning roadmap, which makes us unique, and we will expand our world class technical sales team in order to serve our global clients even better,” she adds.
DefinedCrowd was founded in 2015 and has been working with Fortune 500 clients since day one. With a client list that includes BMW, Mastercard, Nuance, and Yahoo Japan the company has proven their traction in the AI industry by providing KPIs around quality, throughput and scale. The company also offers capabilities in 46 languages, supported by their own community, Neevo by DefinedCrowd, which consists of 45,000+ skilled members worldwide.
To learn more about their smart data solutions, visit http://www.definedcrowd.ai.
DefinedCrowd offers high-quality training data to help machine learning products reach market at improved quality and speed. With world-class expertise in speech and NLP technologies, they support a broad range of use cases, from virtual assistants, to customer review, autonomous vehicles, content categorization, pattern recognition, or even surveillance systems. Through a combination of human intelligence, automatic tools, and machine learning capabilities, DefinedCrowd’s platform allows data scientists to collect, structure, and enrich training data through efficient workflows designed to accelerate enterprise AI initiatives. Their value proposition is quality (98% accurate), speed (2x faster than competition) and scale (90% of languages covered).
About Evolution Equity Partners
Evolution Equity Partners, based in New York City and Zurich, Switzerland, invests in fast-growing technology companies in the United States, Europe and Israel helping exceptional entrepreneurs develop market-leading companies. The firm has a focus on Cyber-Security, Enterprise Software and AI/ML, and its partners have been involved as founders, investors and as senior operating executives in leading software companies around the world. Current and past portfolio companies include: AVG Technologies, Cognitive Security (now a part of Cisco), OpenDNS (now a part of Cisco), Carbon Black, Onapsis, Security Scorecard, DFLabs, Logpoint, Fortscale, Eperi, Zoom.ai, among others. For more information, please visit: www.evolutionequity.com or connect via Twitter @evolutionequity.