Snorkel AI, an Artificial Intelligence (AI) data development platform, recently secured a significant $100 million Series D funding round. The investment skyrocketed the company’s valuation to an estimated $1.3 billion. Supported by leader Addition, the round also saw participation from new and existing investors. Among them, the significant contributors were Prosperity7 Ventures.
Snorkel AI’s mission to speed up the creation and evaluation of specialized enterprise AI applications sets them apart in the ever-competitive AI market. Their approach is to allow developers to manage, create and refine data that powers their AI with less dependency on machine learning expertise, thereby reducing the complexity and time involved in deploying AI solutions.
This substantial influx of funds from the Series D round is set to fast-track Snorkel AI’s mission. The funding will be invested in growing the team, accelerating product development, and expanding their customer base. With such a significant backing, Snorkel AI is poised to further their influence on enterprise-scale AI solutions.
This investment round follows hot on the heels of a previous funding event. Less than a year ago, Snorkel AI attracted $35 million in a Series B round. The company’s swift return to seek further funds demonstrates an aggressive growth strategy and shows strong investor confidence in its AI technologies. The total capital raised by Snorkel AI to date has reached an impressive $155 million.
Snorkel AI’s Series D funding event is the latest testament to the escalating investor interest in the AI tech space. It follows a trend of generous funding rounds granted to companies in the AI field, suggesting a broader acknowledgment of the potential importance of AI technology in the future of businesses and industry 4.0.
In conclusion, the robust funding backing Snorkel AI illustrates the high expectations and belief in its pioneering approach to enterprise AI application creation. It signals a promising future for the company amidst the booming AI market.
