Snorkel AI Triples Valuation to $3.5B with $350M Series E
Snorkel AI raised $350M in Series E, tripling its valuation to $3.5B.
"AI training data is booming, and Snorkel AI just cashed in big. They're making it easier for companies to get the data they need to build cutting-edge AI."
Snorkel AI, a seven-year-old startup, has secured $350 million in a Series E funding round, boosting its valuation to $3.5 billion. This new funding nearly triples its previous valuation of $1.3 billion from 17 months ago. The round was led by Insight Partners and S32, with participation from existing investors including Addition, Lightspeed, Greylock, GV, and Wells Fargo.
The company, which provides training datasets and simulated environments for AI labs and corporations, has shifted its approach to offer "data-as-a-service." Snorkel AI utilizes a hybrid method, combining its software and models to generate synthetic data with the input of subject matter experts. This differs from its original focus on data-labeling automation. Snorkel AI commercially launched in 2019 after four years of research.
This significant funding round highlights the booming demand for AI training data, a trend that has fueled substantial growth for other data companies in the AI sector. Snorkel AI reports an annualized revenue run rate of $375 million, an eighteenfold increase over the past 12 months, driven by the demand for high-end training data.
This funding indicates a strong market for AI training data, suggesting businesses investing in AI development will continue to see robust support infrastructure. The shift to 'data-as-a-service' could streamline AI development for enterprises, offering complete datasets rather than just labeling tools.
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