- iMerit, a data annotation and enrichment company, announced it is headed into 2020 with expansion plans, innovative products, and a new funding round
iMerit, a data annotation and enrichment company, announced it is headed into 2020 with expansion plans, new innovation, and a new funding round for its human-in-the-loop AI technology platform. iMerit raised $20 million in Series B funding led by CDC Group. And this investment — which also includes participation from existing investors — will be used for continuous innovation for the company’s proprietary AI platform that delivers 100% quality control and over 98% accuracy.
This round of funding will also be used for expanding its advanced workforce from 3,000 employees across the US, India, and Bhutan to 10,000 global employees by 2023. And it is the latest sign that iMerit’s high-quality data sets for artificial intelligence and machine learning are leading the industry and achieving the highest security certification.
“This investment validates our belief that the growth in artificial intelligence and machine learning is best serviced by a full-time, specialist workforce that continuously learns and grows with the technology,” said iMerit CEO and founder Radha Basu. “And CDC Group shares this belief. This new funding will enable iMerit to continue to provide enterprise-scale and quality to a large client base in a fast-growing and evolving market.”
iMerit’s data annotation and enrichment specialists work across 9 secure centers globally. And they provide solutions across multiple markets including automotive, healthcare, e-commerce, finance, media and entertainment, and government. iMerit has been growing more than 100% for 3 years, has been cash positive for the last 2 years, and is continuing to differentiate from the rest of the market.
“Our investment in iMerit underlines our commitment to back companies that are creating skilled jobs, particularly for women, in countries where they are most needed,” added Nick O’Donohoe, Chief Executive Officer at CDC Group plc. “Advances in AI technology are normally seen as a threat to jobs. iMerit has demonstrated that the opposite is true. The technology sector has an incredibly important role to play in supporting the UN’s Sustainable Development Goals and in that regard iMerit is a true pioneer.”
iMerit’s contributions to global AI initiatives in 2020 will include working with several of the leading global autonomous vehicle companies on image and video data to advance their product goals and solving AI use case challenges spanning agriculture, wildlife conservation and risk management, via geospatial data. Plus the company is going to be working with leading medical technology companies to train advanced data models for diagnostic and treatment purposes as well as advancing cancer cell research. And it will empower investment companies in their trading strategies through the use of enriched data on up to 3,500 funds per day.
“CDC’s mission and iMerit’s journey align very well,” explained DD Ganguly, President of iMerit USA. “Working with an organization, like CDC, that prioritizes an advanced, inclusive and gender-balanced workforce is perfect for iMerit. The collaboration will enable iMerit to continue to build a specialized, profitable, high growth business, with a customizable and agile technology platform, that will foster strong customer loyalty in a cutting-edge sector.”
iMerit is known for driving social and economic change by tapping into an under-resourced talent pool and creating digital inclusion. And the team consists of 3,000 full-time staff with more than 50% being women. The company’s initial investors included Omidyar Network, Michael and Susan Dell Foundation, and Khosla Impact.
