Chinese AI data service platform Longmao Software recently secured a RMB33 million Pre-B round of financing led by KIP China and GSR Ventures. This round of financing will be mainly used for market expansion, R&D for utomated data labeling tech, and investment in artificial intelligence tech. The company has previously received multiple rounds of investment from GSR Ventures and other Chinese venture firms.
Data, computing power, and algorithms are the three elements of the development of artificial intelligence. The development of artificial intelligence technology has given rise to the market’s need for data labeling, a central ingredient for AI algorithms.
In order to obtain massive and diverse data, the early data labeling teams mostly carried out this task offline, employing human resources in outsourcing, and borrowing many human resources for data collection and labeling, which made the industry a labor-intensive sector. The increase in data demand and data quality requirements, coupled with high labor costs, low service efficiency and low quality have become the main problems in this process.
Longmao shifted the data labeling work from offline to online. By building an AI data platform, it attracted online users to participate in data collection and labeling to reduce labor and costs. In addition, it continued to optimize data annotation tools, automatic annotation, pre-annotation of data to improve the efficiency and quality of data annotation.
The Longmao platform was launched in 2016, and its service areas cover computer vision, speech semantics, autonomous driving, and traditional industry AI +.
From the perspective of the functions provided by the data platform, the company has implemented automatic AI labeling. Based on the accumulated labeling items and data, the company has developed development tools to predict scenarios such as face recognition, image semantic segmentation, voice recognition, and autonomous driving.
At present, the platform has about 5 million registered users and more than 2,000 labeled teams. It has served hundreds of Internet and technology R & D head companies, including Baidu, Alibaba, Samsung, JD.com, Kuaishou, Toutiao, Xiaomi, Ping An, China Mobile.
From the perspective of the overall market, the data labeling market started late in China. The industry’s representative companies include Appen with a market value of more than US$2.8 billion, Amazon’s AMT, Scale AI with a value of US$1 billion, a company recently completed a US$25 million Series B financing called Labelbox.
Lin Yong, director of KIP China Investment, said: "The demand for data services will continue to explode as artificial intelligence is deployed in various vertical industries. As a domestic leading artificial intelligence data service provider, Longmao is recognized by many high-quality customers at home and abroad, and hopes to provide better infrastructure services for companies with AI business needs."