V7 has successfully raised $40 million over two funding rounds, establishing itself as a notable player in the AI document processing and data labeling industry. The platform offers advanced solutions like V7 Go for automating workflows and V7 Darwin for data labeling.
Keep reading to explore the intricacies of V7's fundraising journey and the investors backing this innovative platform.
What Is V7?
Founded in 2018 by Simon Edwardsson and Alberto Rizzoli, V7 is a London-based company specializing in AI solutions for document processing and data labeling. The company aims to develop a single platform to create the sense of sight for any visual task, from microscopy identification to manufacturing or robotic picking.
V7 offers two main products: V7 Go, which automates knowledge work and document workflows, and V7 Darwin, a data labeling tool designed for computer vision and generative AI. Their technology is used for various applications, including microscopy identification, manufacturing, and robotic picking.
With a team of 51-200 employees, V7 is on a mission to power the intelligence of 1 billion devices by 2030, believing that neural networks and learned approaches will replace hand-coded software.
How Much Funding Has V7 Raised?
- Seed Round
- Amount Raised: $7,000,000
- Date: July 2021
- Lead Investors: Partech, Air Street Capital, Amadeus
- Motivation Behind the Round: Used for product development, market research, and initial scaling efforts.
- Series A Round
- Amount Raised: $33,000,000
- Date: November 2022
- Lead Investors: Radical Ventures, Temasek
- Motivation Behind the Round: To expand into the US market and grow the team.
V7 has raised a total of $40,000,000 in funding. The current valuation is $33,000,000 (~estimated).
Key Investors
- Radical Ventures
- Details: Radical Ventures is a venture capital firm that focuses on investing in companies leveraging artificial intelligence. They are known for backing transformative AI technologies.
- Investment Focus Areas: Artificial Intelligence, machine learning, deep tech.
- Notable Investments: Cohere, a company focused on natural language processing; Graphcore, a company developing AI accelerators; and Xanadu, a quantum computing company.
- Temasek
- Details: Temasek is a global investment company headquartered in Singapore, with a diverse portfolio across various sectors. They manage a net portfolio value of over $300 billion.
- Investment Focus Areas: Technology, life sciences, financial services, consumer.
- Notable Investments: Alibaba, a major e-commerce and technology company; Gojek, a Southeast Asian super app; and Moderna, a biotechnology company.
- Air Street Capital
- Details: Air Street Capital is a venture capital firm that invests in AI-first technology and life sciences companies. They focus on early-stage investments.
- Investment Focus Areas: AI-first technology, life sciences, healthcare.
- Notable Investments: Graphcore, a company developing AI accelerators; LabGenius, a company using AI for protein engineering; and Mapillary, a street-level imagery platform.
- Amadeus Capital Partners
- Details: Amadeus Capital Partners is a global technology investor that backs entrepreneurs to bring innovative ideas to market. They have a strong track record in deep tech investments.
- Investment Focus Areas: Technology, innovation, deep tech, healthcare.
- Notable Investments: Graphcore, a company developing AI accelerators; ForeScout Technologies, a cybersecurity company; and Optos, a medical technology company.
- Partech
- Details: Partech is a global investment firm that supports companies at all stages, from seed to growth. They have a diverse portfolio across various sectors.
- Investment Focus Areas: Technology, digital services, consumer, enterprise software.
- Notable Investments: Sendinblue, a digital marketing platform; Made.com, an online furniture retailer; and Alan, a digital health insurance company.
What's Next for V7?
V7's expansion into the US market presents a significant opportunity, given the country's robust demand for AI-driven solutions. With over 300 clients, including industry giants like GE Healthcare and Siemens, V7 is well-positioned to scale its operations and tap into new sectors such as autonomous driving and early cancer detection.
Future fundraising efforts are likely to be bolstered by the company's impressive growth and the backing of high-profile investors. However, V7 will need to navigate challenges such as maintaining the quality of its data labeling processes and competing with other AI firms. The company's ability to handle over 1 petabyte of AI training data will be crucial in meeting these demands.
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