Total amount raised
$135.3 Millions
Latest funding date
Location
Snorkel AI has successfully raised significant funding through multiple rounds, attracting the attention of prominent investors. The platform specializes in programmatic AI data development, offering tools that accelerate data labeling and model training.
Keep reading to explore the intricacies of Snorkel AI's fundraising journey and the investors backing this innovative platform.
What Is Snorkel AI?
Snorkel AI, founded in May 2019, is based in Redwood City, California. The company was established by Alexander Ratner, Braden Hancock, Chris Re, Henry Ehrenberg, Manas Joglekar, Paroma Varma, and Vincent Sunn Chen.
Specializing in programmatic AI data development, Snorkel AI offers tools that enable enterprises to build production AI applications using programmatic data labeling and curation. Their main product, Snorkel Flow, accelerates data preparation, making AI development faster and more efficient.
With a team of 101-250 employees, Snorkel AI continues to innovate in the field of AI, leveraging techniques like weak supervision to transform proprietary data into AI-ready datasets.
How Much Funding Has Snorkel AI Raised?
- Seed Round
- Amount Raised: $3.3M
- Date: July 2020
- Lead Investors: Google Ventures, Greylock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of Snorkel Flow and validate the market need for programmatic data labeling.
- Series A
- Amount Raised: $12M
- Date: July 2020
- Lead Investors: Greylock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the engineering team and accelerate product development for Snorkel Flow.
- Series B
- Amount Raised: $35M
- Date: April 2021
- Lead Investors: Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the go-to-market team and enhance the platform's capabilities.
- Series C
- Amount Raised: $85M
- Date: August 2021
- Lead Investors: Addition, BlackRock
- Valuation at Round: $1 billion
- Motivation Behind the Round: To scale the engineering and go-to-market teams, and drive further innovation and adoption of Snorkel Flow.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2024
- Lead Investors: QBE Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue expanding the platform's capabilities and enter new markets.
Total Amount Raised: $135.3M
Current Valuation: $1 billion
Key Investors
- QBE Ventures
- Details: QBE Ventures is a venture capital firm that invests in early-stage technology companies. They aim to support innovative startups that can transform industries.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Specific notable investments are not listed.
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise and Consumer sectors. They have a global presence and a strong track record of successful investments.
- Investment Focus Areas: Enterprise, Consumer, Health sectors.
- Notable Investments: Snap, Affirm, MuleSoft.
- BlackRock
- Details: BlackRock is a global investment management corporation, known for its extensive portfolio and influence in the financial sector. They provide a range of investment and technology services to institutional and retail clients worldwide.
- Investment Focus Areas: Technology, AI, Financial services.
- Notable Investments: Apple, Microsoft, Google.
- Greylock
- Details: Greylock is a venture capital firm that focuses on early-stage companies in technology. They have a history of backing successful startups and helping them scale.
- Investment Focus Areas: Consumer software, Enterprise software.
- Notable Investments: Facebook, LinkedIn, Airbnb.
- GV (formerly Google Ventures)
- Details: GV is the venture capital investment arm of Alphabet Inc. They invest in technology companies across various stages, from seed to growth.
- Investment Focus Areas: Technology, Life sciences, Frontier technology.
- Notable Investments: Uber, Slack, Nest.
What's Next for Snorkel AI?
Snorkel AI stands at the cusp of significant growth opportunities, driven by the increasing demand for data-centric AI solutions. With its flagship product, Snorkel Flow, the company is poised to transform AI development across various industries, including banking, telecommunications, and biotech. The platform's ability to reduce development time and improve model accuracy positions Snorkel AI to capture a substantial market share, especially among Fortune 50 companies and government agencies.
Future fundraising appears promising, given the successful Series C round and the involvement of high-profile investors like BlackRock and Addition. This financial backing will likely attract further investment, enabling Snorkel AI to scale its engineering and go-to-market teams. However, the company must navigate challenges such as competition from other AI firms and ensuring the scalability and robustness of Snorkel Flow as it expands its customer base.
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