Scale AI named a top tech startup attracting talent in 2021
Startups are capitalizing on the growing gaps across enterprise data stacks as the stresses of keeping customers loyal, keeping infrastructure secure, and keeping virtual teams collaborative force rapid change throughout the industry.
LinkedIn has released its fifth annual list of 50 U.S. companies on the rise and identified the startups that are attracting top talent this year. Sixty percent of LinkedIn’s Top Startups of 2021 see enterprises as the key to the future. The list tracks growth in employee count, interest from people looking for jobs, and how people interact with the online presence of the company and its employees. LinkedIn used data from July 1, 2020 to June 30, 2021.
Scale AI, creator of the data infrastructure for AI, is recognized as one of the most innovative companies by LinkedIn’s list.
The age of machine learning is a new phase of computing. Powered by a dynamic research community, computers can now recognize images and audio, translate languages, generate realistic text, and beat humans at games. Machine learning is likely the most significant technological shift happening between 2010 and 2030.
Companies have collected data for years. More recently, cloud-computing services have offered nearly unlimited capacity to store massive amounts of raw data. But labeled data is the key bottleneck to the growth of the machine learning industry. In fact, labeled data is even more essential than algorithms. The growth rate of software will accelerate over the next decade as more software is created by machine learning.
“We help customers unlock this data,” says Scale CEO and founder Alexandr Wang.. “That gets them off the starting blocks.”
Scale AI, a 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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