DefinedCrowd Closes $11.8 million Series A Funding Round

Big news here at DefinedCrowd this week! Less than three years after our founding in August 2015, I’m beyond proud to announce the closing of an $11.8 million Series A funding round led by New York/Zurich based Evolution Equity Partners.

We’re delighted to welcome Kibo Ventures, EDP Ventures and Mastercard as new investors and are happy that Sony, Portugal Ventures, Amazon and Busy Angels have continued to put their faith in what we’re building.

It’s been a big year for us so far. In January, we publicly unveiled our SaaS platform, which helps data scientists collect, enrich, and structure data to train AI and ML models.

People have noticed.

“DefinedCrowd’s SaaS platform has very quickly positioned the company as an innovative leader to solve AI/ML’s global most pressing problem, the need for continuous access to highly accurate data,” says Dennis Smith, Founder and Managing Partner at Evolution Equity Partners and the newest member of DefinedCrowd’s Board of Directors.

Turns out he’s not the only one who’s been unable to resist jumping on board. In April, after opening our fourth office (the first in Tokyo), Stephen Rauch — a former Starbucks, HBO, and Microsoft Executive — joined DefinedCrowd as our VP of Product.

This Series A round is a real milestone for DefinedCrowd. Again, it’s only been three years since we started on this road, and we’re thrilled to have gotten ourselves to this mile-marker in such a short period of time.

It also means we’re raring to fuel up and drive on. After all, with over 500,000 processed units/day, a growing crowd on Neevo that’s already 45,000+ strong, and data collected in over 46 languages,  we’re used to moving fast around here.

AI models are like high-performance vehicles. Data is the fuel that keeps them running smoothly. Imagine you’re driving your brand new $500,000 Ferrari off the lot. You pull up to a gas station to fill up. Would you risk damaging that beautiful, 700 horsepower engine with unleaded fuel? No. You’re choosing premium. Only the highest quality will do.

That’s where we come in. We’ve been fueling the AI initiatives of Fortune 500 companies from day one. This new capital means we’ll be able to continue doing so, at larger scale, as we offer more clients more solutions to their AI needs.

Expect to hear more from us as we develop our product offering, double our team by December 31st, increase revenue six-fold, and rapidly increase our global market share through strategic partnerships (More coming on this soon!).

We also have big plans to grow and qualify our crowd on Neevo and ensure data security through GDPR compliance and ISO certifications.

2018’s already been a big year at DefinedCrowd, and the future looks bright. More big news coming. Stay tuned!

In the meantime, if you’re building something of your own, check out  our solutions, or write to us at sales@definedcrowd.com.

If you want to build with us, check our Careers Page for current openings.

Who’s Wearing the Sunglasses? Reflections from ACL

Networking, Recruiting, and how DNN demands will drive our future growth

This past week, I had the tremendous opportunity to travel to Melbourne, Australia for the 56th annual meeting of the Association of Computational Linguistics (ACL). This is the single largest gathering for the NLP and ML communities in the world, which meant a busy week for Daniela and I. We made great new contacts, attended a fascinating keynote address on the development of Deep Neural Networks, and met some brilliant talent spread across enterprise and the academy that will drive AI into the future.

With three years of steep growth under our belt, this year’s ACL was a chance for us to define our leadership role in driving this industry toward that future. Our booth had a steady stream of visitors, many representing some of the biggest names in AI on the planet. We weren’t surprised. It’s been a bit of pattern for us this year as we’ve formed a wide array partnerships and rapidly expanded our client roster in 2018.

Booth_Image

More businesses are realizing the value of sourcing high-quality, scalable training data (and the high costs of settling for anything less). We’re uniquely positioned to provide exactly that, which means we’ve been having some fascinating conversations with some incredible companies lately. As always, stay tuned for more on this soon!

For now, as we return to our bases in Seattle and Lisbon we’ll certainly be discussing Anton van den Hegel’s invited talk, “Deep Neural Networks and what they’re not very good at.” As Daniela’s been saying for years, Deep Neural Networks (DNN’s) have long been the “holy grail” of machine-learning development, as they offer the clearest path to self-learning AI that can truly improve on-the-fly.

DNN’s are already responsible for major breakthroughs in fraud detection and manufacturing optimization. But, for all they’ve accomplished, DNNs still fall short in tasks that require contextual interpretation.

Take the image below:

Who's wearing the sunglasses?
Photo By Heather Shwartz, sourced from Unsplash

 

If I asked you, “Who’s wearing the sunglasses?” You’d say “the pineapple” without second thought. DNN models? Not so much. They’re not capable of integrating the linguistic, visual, and contextual understandings necessary to come up with the correct response. At least… not yet.

As always, the barriers to these capabilities are falling. The brilliant scientists and engineers we met at ACL are…well… brilliant after all.

But, for DNN’s to obtain these contextual reasoning and interpretation capabilities, they’ll need incredibly precise, accurate and complexly structured data. DefinedCrowd is the only firm that can deliver the kind of job-tailored high-quality data necessary to train and test these kinds of models. It’s an exciting time to be here!

Which brings me to my final point. As more demand for our data grows, our team will too. Actually, it already is. Right now, we have 23 open positions across our offices in Seattle, Lisbon, Porto, and Tokyo. We met a lot of great talent at ACL. To all of you who stopped by our booth, it was a pleasure. If you passed on a resume, you’ll hear from us soon.

And if we missed you? There’s still time! Go to our careers page to see how to come build amazing things with us.