Attracts $20 Million in Funding Led by CDC Group, to service growing demand in the $1.6 Billion AI Data Annotation market
iMerit, a leading data annotation and enrichment company, is headed into 2020 with expansion plans, new innovation and new funding for its human-in-the-loop AI technology platform. The company has attracted $20 million in Series B funding led by CDC Group, the UK’s leading publicly-owned impact investor. This investment, which also includes participation from existing investors, will be used to continue innovation for the company’s proprietary AI platform that delivers 100% quality control and over 98% accuracy.
The funding will also be used to expand its advanced workforce from 3,000 employees across the US, India and Bhutan to 10,000 global employees by 2023. It is the latest sign that iMerit’s high-quality data sets for artificial intelligence (AI) and machine learning are leading the industry and achieving the highest security certification. The company’s data annotation and enrichment specialists work across nine secure centers globally. They provide solutions across multiple markets including automotive, healthcare, e-commerce, finance, media and entertainment, and government. iMerit has been growing at over 100% for 3 years, has been cash positive for the last 2 years, and is continuing to differentiate from the rest of the market.
“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,” says iMerit CEO and founder Radha R. 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.”
“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,” says Nick O’Donohoe, CEO, CDC Group. “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.”
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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;
- Solving AI use case challenges spanning agriculture, wildlife conservation and risk management, via geospatial data;
- Working with leading medical technology companies to train advanced data models for diagnostic and treatment purposes as well as advancing cancer cell research;
- Empowering 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,” says 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.”
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