Encord's platform allows enterprises to prepare their data for AI and assess how effectively that data supports their models. The company currently has 120 customers, including Philips, Synthesia, Cedars-Sinai, and Northwell Health, and has contracts with unnamed military and government agencies. Despite increasing its revenue fourfold over the last year, the company is taking a conservative approach to capital deployment due to broader market conditions.
Key takeaways:
- Encord, a data development platform for AI models, has raised $30 million in a Series B funding round led by Next47, bringing its total funding to $50 million.
- The new funding will be used to double the size of Encord’s product, engineering and AI research teams over the next six months and expand the company's San Francisco offices.
- Encord's platform allows teams to explore and visualize datasets, compare the performance of different models trained on the same sets, and detect model accuracy issues.
- The company has 120 customers, including Philips, Synthesia, Cedars-Sinai and Northwell Health, and has contracts with unnamed military and government agencies.