Snorkel AI Valued at $3.5 Billion After $350M Series E

Snorkel AI secured $350 million in Series E funding, tripling its valuation to $3.5 billion.

Snorkel AI, a seven-year-old startup, has raised $350 million in a Series E funding round, bringing its valuation to $3.5 billion. This new valuation is nearly triple its previous $1.3 billion valuation from a Series D round 17 months prior. The funding round was led by Insight Partners and S32, with participation from existing investors including Addition, Lightspeed, Greylock, GV, and Wells Fargo.

The company, which helps AI labs and corporations build training datasets and simulated environments, has shifted its focus to a data-as-a-service approach, providing customers with completed datasets. This hybrid approach utilizes software and models to generate synthetic data in conjunction with subject matter experts. Snorkel AI reports an annualized revenue run rate of $375 million, an eighteenfold increase over the past 12 months.

This growth is attributed to the high demand for complex AI training data. Snorkel AI launched commercially in 2019, following four years of research by co-founder and CEO Alex Ratner and his team at a Stanford AI lab. The company's model involves selling reinforcement learning environments and complete datasets.

Find the right AI tool for your business

Chat with Insta and get matched to the right tool in seconds.