Voxel51, a leader in visual AI, announced today that it has closed a $30 million Series B funding round. Bessemer Venture Partners led the round, which included new investor Tru Arrow Partners and existing investors Drive Capital, Top Harvest Capital, Shasta Ventures, and ID Ventures.
Voxel51 will use this funding round to scale up its go-to-market organization, expand its community, invest in AI research, and accelerate its roadmap. This will help it meet the growing market demand for solutions that unlock the value of visual AI.
Voxel51 was launched by a team of machine learning and computer vision experts to help address the distressing failure rate of AI projects. With visual data like the image and video data that already make up over 60% of all AI data traffic, the complexity and difficulty of building successful AI applications only increases. Usually, these failures are the struggle to put visual data to work when building production-ready AI models and applications. Today’s fragmented, inflexible tools and clunky manual processes cause lengthy development cycles and painful errors in production.
Voxel51 offers the leading refinery for data + models, where AI builders can simplify and automate their workflows to explore, visualize, curate and test datasets and put them to use to build models and applications. Tens of thousands of AI builders depend on Voxel51’s open-source FiftyOne and enterprise FiftyOne Teams offerings to build production-ready visual AI that is dramatically more accurate and robust, improving team productivity by up to 50% and model accuracy by up to 30%.
Innovative organizations such as LG Electronics, Berkshire Grey, Precision Planting, RIOS Intelligent Machines and Forsight utilize Voxel51 solutions to help them build innovative visual AI solutions that improve product quality, ensure safety and increase efficiency.
This new funding round is a milestone enabled by the momentum demonstrated since the close of its Series A funding round:
1.) 4x increase in community membership and engagement
2.) 6x growth to over 2 million downloads of the open-source FiftyOne project
3.) 10x increase in ARR for the commercial FiftyOne Teams offering
KEY QUOTES:
“Traditional enterprises have increasingly sophisticated AI and ML teams with complex workflows that still include painful manual processes. As soon as Brian described his vision at Voxel51, we could see the platform’s role as core enterprise AI infrastructure of the future. We’ve been impressed by the entire team and their elegant and differentiated solution as a true orchestration layer for customers to build AI-forward and AI-native applications faster and more easily. We are thrilled to partner with the team to build and scale their continued success.”
– Lindsey Li, an investor at Bessemer Venture Partners
“No one would build and tune a race car on a grass field and expect to win a Formula 1 race. Yet, organizations building visual AI are all too often forced to build and fine-tune models with mislabeled, inadequate and under-representative data and then hope for success in production. We’re helping our customers and community build better AI applications by bringing their models and data together in one place, and we’re thrilled to have the support of great investors to accelerate our mission to make visual AI a reality.”
– Brian Moore, CEO and co-founder of Voxel51
