A leading platform for AI data management and annotation, Dataloop, on Wednesday announced that eight leading angel investors from India, led by Saket Agarwal of Onnivation have joined the existing investors in the company’s latest founding round.
With participation from Umang Bedi, Virendra Gupta, Bikram Singh Bedi, Gaurav Gupta, Salil Musale and Saket Agarwal, the investment will help to enable the expansion of Dataloop's presence in India and further reinforces a larger trend of cooperation between Israel and India in the technology sector.
Till date, Dataloop has raised $16 million in funding following the completion of an $11 million Series A round.
According to market estimates, the global AI market is poised to touch $190 billion in value by 2025 with India too seeing its own AI sector grow rapidly. But despite AI’s breakneck growth, 96 percent of companies still struggle with proper data labeling when they attempt to implement AI claims Dataloop. The venture plans to address this gap with its robust data management solutions designed specifically to solve this challenge.
Founded in 2017, Tel-Aviv based Dataloop helps enterprises that are developing AI in India and across the globe with their customizable SaaS platform that weaves together human and machine intelligence to train and label unstructured data. The company’s advanced platform feeds ‘real-time’ data back to human counterparts while simultaneously streamlining the workflow with automated annotation tools.
The venture further claims that with Dataloop, organisations operating in a range of verticals – including retail, agriculture, and autonomous vehicles – can successfully deploy AI in production and focus on their core business. The pandemic has further fueled this growth making it a critical investment.
"The data annotation industry is rapidly growing in India and we are extremely excited to be expanding Dataloop's presence here," said Eran Shlomo, CEO of Dataloop. "Israel and India have developed a strong partnership and we look forward to working together and the opportunities it will bring to the Indian market."
"Onnivation has been spearheading the growth of India-Israel technology partnerships with over 15 Israeli deep tech companies that are solving challenges for India's largest and most influential corporates and tech unicorns. We are fortunate to have backed Eran and the Dataloop team and thrilled to join their quest on transforming the Computer Vision and AI industry," said Saket Agarwal, founder and managing partner of Onnivation.
"Strategic investments like Dataloop will help accelerate innovation and technology exchanges between the two countries, helping us strengthen the digital India agenda," added Saket. "It's a great day for Dataloop and a great day for the India-Israel friendship!"
(Edited by : Jomy)
First Published: IST