New Investment Opportunity: Dataloop
Enables clients to manage, label, automate and visualize unstructured data for AI
- SaaS platform to manage, label, automate and visualize unstructured data used to power AI applications; eliminates need for manual, tedious data preparation by automating the data annotation process required to train machine learning models
- Critical set of tools enabling data scientists to realize promise of the AI revolution
- 170% YOY ARR growth to $3.9M at end Q1 2022; projecting $9M by end 2022, $18M by end 2023; 70% current gross margins, targeting 85% by end 2022
- Shopify among 10 new customers in Q1 2022; existing brands include Vimeo, OLA, LinkedIn, Taranis, Syte AI, Tata Consultancy Services with near 100% retention; 140% YOY net dollar retention Q1 2022
- $22M Series B led by $10M investment from venture arm of major telecom; major existing investors, including F2 and Amiti ventures, expected to participate
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Dear Josb,
Artificial intelligence (AI) is revolutionizing almost every field, from automobiles to zoology. Most AI applications need to label unstructured data to train the program. Labeling data is largely a tedious, manual process and the final product is difficult to manage.
OurCrowd is investing in Dataloop, an Israeli startup that has developed a SaaS platform that automates AI data management and labeling. The details in this email are based on information received from, and verified solely by, the company.
The Problem
Artificial intelligence algorithms need to be trained on large quantities of unstructured data, including text, images, and video, so they can learn to recognize patterns. Each item of data must be labeled so it can be identified by the AI program, a slow process currently executed manually by thousands of people.
The Solution
Dataloop has created a critical set of tools enabling data scientists to realize the promise of the AI revolution. Dataloop offers a cloud-based SaaS platform which uses AI and ML technology to analyze large swaths of data and present its findings in a palatable, visual format. Dataloop's AI algorithms cover the entire data preparation cycle, enabling clients to manage, categorize, label, and automate their unstructured data. The software analyzes the big data and presents it visually, enabling company management to make informed, statistics-based decisions.
The Company
Dataloop's ARR grew 170% YOY to $3.9M at the end of Q1 2022, from $1.44M in Q1 2021. The company projects $9M ARR by the end of 2022 and $18M by the end of 2023. The company operates with a gross margin of 70% which it expects to grow to 85% by the end of 2022.
The company achieved a CAC recovery of ten months in Q1 2022, down from 32 months a year earlier. Net dollar retention rose to 140% YOY in Q1 2022.
A new Data-Pipeline platform product was released at the end of 2021 and is gaining traction. In Q1 2022 the company released a beta product that supports Lidar for customers. In Q2, Dataloop plans to add the capability to create customized applications on its platform.
The Customers
In Q1 2022, Dataloop added Shopify among ten new customers, expanded agreements with six existing customers in a successful land-and-expand strategy, and experienced near-zero churn. The company won a significant contract for which it competed directly with AWS. Continuing customers include Vimeo, OLA, LinkedIn, Taranis, Syte AI, Tata Consultancy Services and other leading ML teams.
The Round
OurCrowd has secured $1M allocation in this $22M Series B round led by a $10M investment from the venture arm of a major telecommunications company. Existing investors, including F2 and Amiti ventures, are expected to participate. The round will extend the company's current 15-month runway to three years by when it forecasts it will be cashflow positive.
Meet the CEO
We're hosting a webinar/conference call on Monday, June 27th, at 6PM Israel / 11AM New York / 8AM San Francisco for investors to meet Eran Shlomo and learn more about Dataloop.
Can't make the webinar? Register and we will send you a recording of the call.
The Dataloop Solution
Data labeling is key to unlocking the power of machine learning and deep learning. Dataloop's platform can label many different data sources including image, video, Lidar (laser range detection, used in vehicle automation among other uses), and text. The platform provides an unprecedented level of automation for the labeling process with the ability to seamlessly weave in human data operations as needed.
The Dataloop platform provides two unique services that work together, a data management platform, and the labeling applications. The platform is built to handle high volumes, high variance, and complex data. The Dataloop AI Automation Backend provides full lifecycle management of visual AI data from the R&D stage onwards.
Next steps:
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