Dataloop, a platform for artificial intelligence data management, on Thursday said it has raised Series B funding of $33 million (around Rs 264 crore) co-led by NGP Capital and Alpha Wave Ventures.
The round also saw participation from existing investors including Amiti Ventures, F2 Venture Capital and OurCrowd.
The latest round brings Dataloop's total capital raise to $50 million so far.
The startup plans to deploy the fresh proceeds to further expand its global footprint, besides building teams in the US, Europe and India.
Founded in 2017, Dataloop helps enterprises that are developing AI in India and across the globe with their customisable software-as-a-service platform that weaves together human and machine intelligence to train and label unstructured data.
“ We are working to break through the limitations of AI development and create efficient workflows, easy-to-use management systems, and accurate annotation tools, so teams of all industries can use them,” said Eran Shlomo, chief executive officer of Dataloop.
“Dataloop has pinpointed a large obstacle in an important and fast-growing market. Most companies these days have a dedicated team working on data management and AI integrations, and they all face the same challenges,” said Christian Noske, Partner at NGP Capital.
“Dataloop has continually demonstrated that it is the leading AI platform for not only data annotations but the full lifecycle for AI and ML projects,” said Rick Gerson, Chairman of Alpha Wave Global.
In 2020, Dataloop had raised $11 million as a part of its Series A round. Prior to that, it had secured seed capital of $5 million from F2, SEEDIL and NLV.