Heartex, the company behind the leading open source data labeling platform Label Studio, today announced it has raised $25 million in Series A funding, bringing the company’s total raised to $30 million. Redpoint Ventures led the round, with participation from existing investors, including Unusual Ventures, Bow Capital, Swift Ventures and some notable angel investors. Satish Dharmaraj, managing director at Redpoint Ventures, has also joined the board. The new funding will be used to further develop its flagship product – data labeling platform Label Studio – in areas such as labeling automation, bias detection and mitigation, and additional quality management and analytics capabilities.
While the amount of data flowing through businesses has increased dramatically, the majority of data science and AI initiatives chartered to extract value from this data have failed to deliver the desired outcome. In fact, Gartner’s research shows that only one in five analytical insights leads to business outcomes.
Despite challenges, the AI community has persevered and evolved, giving rise to the data-centric era of AI development. Data science teams, having learned valuable lessons about the connection between training data quality and production model performance, are now establishing internal practices to manage data annotation and quality.