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Encord raises $30M in Series B funding to grow its AI data development platform.
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The company plans to double its team size and expand its San Francisco offices.
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Encord’s platform helps companies prepare and manage data for AI models, with 120 customers including Philips and healthcare providers.
Encord, a data development platform for AI, has raised $30 million in Series B funding led by Next47. The company plans to use the funding to double its team size and expand its San Francisco offices. Encord’s platform helps companies prepare and manage data for AI models, providing tools for data labeling, annotation, and model performance tracking.
With 120 customers, including Philips and healthcare providers, Encord is growing rapidly. The company claims to have increased revenue 4x over the last year and expects to be cash-flow positive by 2025. Encord’s platform stands out from competitors with its versatility, allowing teams to consolidate all data workflows in one platform.
The funding round also included participation from Y Combinator, CRV, and Crane Venture Partners. Encord’s growth is driven by the increasing demand for high-quality training data for AI models. The company’s platform helps address this need, making it an essential tool for businesses developing AI applications.
