DefinedCrowd, a leading data provider for artificial intelligence, announced it has raised an additional US$50.5M in a Series B funding round.
It is the largest ever Series B round to be raised by a female-founded AI company in the US and will support DefinedCrowd’s vision to create seamless interaction between people and machines towards a smarter future.
This Series B round includes participation from new investors Semapa Next and Hermes GPE, and existing investors Evolution Equity Partners, Kibo Ventures, Portugal Ventures, Bynd Venture Capital, EDP Ventures and IronFire Ventures. They all join a prestigious group of long-term investors, including Amazon Alexa Fund, Sony Innovation Fund and Mastercard, in supporting DefinedCrowd’s goal of becoming the world’s number one data provider.
“With a strong focus on supporting promising startups with innovative technologies, Semapa Next is proud to invest in this Series B round. DefinedCrowd has quickly shown that they are able to solve AI’s most pressing problem – the need for continuous access to highly accurate data. This has positioned the company as industry leaders, and we are excited to be part of it,” said Semapa Next’s CEO, Ricardo Pires.
“Evolution Equity Partners is proud to be part of this Series B round. DefinedCrowd’s innovative SaaS platform, industry-leading quality, and fast-delivery guarantees have cemented its global reputation as the trusted source for AI data. We are honored to be a part of this company’s exciting future,” said Dennis Smith, DefinedCrowd Board Member and Managing Partner and Founder at Evolution Equity Partners.
With this investment, DefinedCrowd plans to expand its existing solutions, launch new innovative subscription-based offerings and expand their global reach. DefinedCrowd also plans to double the number of its employees and open more research and development offices around the world by the end of 2020.
“Closing this Series B funding round is an incredible validation of what we have achieved in just four-and-a-half years,” said DefinedCrowd’s founder and CEO Daniela Braga, PhD. “Besides significantly increasing our client base of Fortune 500 companies, we’ve also grown our revenue within existing accounts, which proves our value proposition. Existing customers continue to demand more DefinedCrowd training data, while new clients are attracted by our growing reputation for high quality, fast delivery and data privacy. With this funding, we’ll be able to continue with our plan for triple-digit expansion in 2020, allowing us to serve our clients even better,” she said.
The closing of the Series B follows an extremely successful year for DefinedCrowd, with revenues and workforce growing by 656% and 176% YoY, respectively. In the same year (2019), DefinedCrowd received its ISO 27001 certification, launched its Neevo app, was featured in the top 50 of Forbes’s Best Startup Employers, ranked in Forbes AI 50 Most Promising Artificial Intelligence Companies and was named by CB Insights as one of the top 100 AI companies.
“The demand for AI-enabled products is increasing exponentially across almost every industry and geography. With our talent, resources, world-renowned clients and valued investors we are well on track to achieving our goal of becoming the world’s best data company for AI,” said Braga.
*Source: Crunchbase, CB Insights and PitchBook
DefinedCrowd offers a platform with multiple data delivery options that leverages machine learning technology and human intelligence to deliver quality-guaranteed training data for AI systems. The platform offers self-service and fully customizable solutions that deliver high-quality project-specific training data, enabling AI products reach market quicker. It is this business model that has allowed DefinedCrowd to raise a total of $63.6M in funding over 4 rounds. Our value proposition is quality, privacy, speed and scale, covering more than 50 different languages. With strong expertise in speech and natural language processing technologies, we have been serving AI companies and Fortune 500 companies since day one. DefinedCrowd was founded in Seattle and has offices in Lisbon, Porto and Tokyo.