Scale AI can now label data in an hour. Breakthrough solution
Scale AI is the undisputed leader in the data-labeling space. The company cemented its position when it launched a new service – Scale Rapid.
AI is booming in application building, and companies face major data-labeling problems, especially when it comes to labeling images or other media content they want to train deep learning algorithms on. Scale Rapid is capable of labeling a data sample within one to three hours!
Scale AI chief technology officer Brad Porter explains that while Scale AI is not the only company offering data-labeling solutions, it has a clear advantage. While its competitors may provide a labeling workflow tool, it can take weeks to set up an internal process that ensures the labeling is completed accurately, whereas Scale Rapid is designed to ensure high-quality results by completely managing the labeling process from beginning to end. Scale AI’s advantage, Porter says, lies in its origins labeling data in the autonomous vehicle industry.
Alexandr Wang co-founded Scale AI in 2016 at age 19 after dropping out of MIT and joining Y Combinator. He realized early on that companies wanted to integrate machine learning, but most didn’t have the tools or resources that Big Tech did for their in-house AI projects. That’s how the idea for Scale was born – Wang decided to make AI infrastructure for developers to build from.
Now Scale’s clients include companies from a range of industries: OpenAI, Lyft, Nuro, Airbnb, Samsung, and Pinterest, among many more. According to Wang, every industry could be using AI in just a few years’ time.
The San Francisco-based data-labelling and management venture hit a market valuation of more than $7 billion after its latest fundraising round in April. It has raised more than $600 million in venture capital since its 2016 launch, when it was narrowly focused on tagging images and videos for self-driving cars, with investors including Dragoneer Investment Group, Greenoaks Capital, Tiger Global Management and Index Ventures. Global venture capital funding for AI startups hit a record-high $31 billion in the first half of 2021.
Kris Bort, founding partner of Sakal Ventures and one of the most experienced people in the late-stage private investing space, comments, “Experts agree that data is the new oil. Data is the most valuable resource in the world right now. Big data is so prominent in today’s society that we can say that we’ve entered “data economy”. However, just like oil, raw data isn’t valuable in and of itself. Value is created when it is gathered accurately and connected to other relevant data. When properly refined, data turns into a very useful product – INFORMATION, which is an important decision-making tool that allows companies to react to market forces and be proactive.”
Sakal Ventures has an impressive track record when it comes to investing in database companies.
“We owned MongoDB at $25 a share in 2017. This year it hit $450! Its current annual revenue is at $600 million, and the market cap stands at $25 billion. Late-stage investing is very rewarding but the key is to avoid investing in companies or sectors that basically have no more room for growth. Understanding how to cut risk by being a late-stage private investor is very important, but you also have to know what industries and companies have the potential to rise from $1-5B valuation to $10-100B. This is what separates the average investor from the best!” says Bort.
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