OpenText launched the latest version of ValueEdge -- an innovative modular, cloud-based DevOps and value stream management (VSM) platform.
Snorkel AI announced $85 million in Series C funding, bringing the total funding raised to $135 million.
Snorkel AI is now valued at $1 billion.
The new round was co-led by Addition, a new investor in Snorkel AI, and funds and accounts managed by BlackRock, a previous investor. Other previous investors Greylock, GV, Lightspeed Venture Partners, Nepenthe Capital and Walden also participated.
BlackRock Managing Director Tony Kim said: “Snorkel AI is addressing one of the most challenging and time-consuming bottlenecks in AI–the need for massive labeled datasets ... With Snorkel Flow, enterprise customers have been able to develop and deploy AI applications in hours or days, versus months, leading to significant ROI.”
Addition Founder Lee Fixel said: “By putting data at the center of the process, Snorkel AI is transforming how AI is developed. Businesses are starting to understand that, when it comes to AI projects, data very often makes the difference between success or failure ... the Snorkel team has been leading this shift towards data-centric AI and is well positioned to help a new wave of enterprises realize value from modern AI technologies.”
Machine learning models have largely been commoditized for most enterprise use cases today. Success or failure of AI projects hinges on the labeled data used to train these models. In spite of spending huge amounts of time and resources on manually labeling data, organizations end up with small, static and often low-quality datasets. Practitioners are often forced to focus on the model alone. This model-centric approach fails to deliver production quality performance and adapt easily to changing data.
Snorkel AI, founded in 2019 by a team spun out of the Stanford AI Lab, is leading the shift in focus of AI practitioners from model-centric to a data-centric approach. Snorkel AI enables organizations to build AI applications with programmatic data labeling, eliminating the need to hand label data which is notoriously expensive and inefficient. Among Snorkel AI’s customers are some of the world’s biggest brands including Fortune 50 companies as well as US government agencies.
The company’s flagship product, Snorkel Flow, is a data-centric AI platform that makes it feasible for data scientists and non-technical experts to build applications by programmatically labeling the data. In Snorkel Flow, users can label and manage data using code, train models and identify model error modes to iteratively improve them in a rapid, data-centric workflow, using both SDK and no-code interfaces. This shortens the development cycle and improves application quality significantly while being able to manage bias or any deterioration in production performance.
With Snorkel Flow, organizations have achieved state-of-the-art machine learning model accuracy and reduced development time to days as opposed to months. For example, a top 3 US bank used Snorkel Flow to develop a contract processing application with more than 99% accuracy in less than 24 hours.
The new funding will enable Snorkel AI to bring the transformative impact of data-centric AI to more enterprises around the world. The company plans to continue scaling its world-class engineering team, which includes engineers from Apple, Facebook, Google, Microsoft and NVIDIA, so that it can continue to aggressively innovate for customers around the world, as well as its go-to-market team to drive successful AI adoption.
“...This new Series C funding will enable us to accelerate the pace of our product development even further and to bring Snorkel Flow to even more domains and use cases,” said Alex Ratner, Co-Founder and CEO of Snorkel AI.
Oracle announced the availability of Java 20, the latest version of the programming language and development platform.
Rafay Systems introduced Environment Manager, a solution that empowers enterprise platform teams to improve the developer experience by delivering self-service capabilities for provisioning full-stack environments.
To meet the growing demand for Oracle Container Engine for Kubernetes (OKE) with global organizations, Oracle Cloud Infrastructure (OCI) is introducing new capabilities that can boost the reliability and efficiency of large-scale Kubernetes environments while simplifying operations and reducing costs.
Perforce Software joined the Amazon Web Services (AWS) Independent Software Vendor (ISV) Accelerate Program and listed its free Enhanced Studio Pack (ESP) in AWS Marketplace.
Aembit, an identity platform that lets DevOps and Security teams discover, manage, enforce, and audit access between federated workloads, announced its official launch alongside $16.6M in seed financing from cybersecurity specialist investors Ballistic Ventures and Ten Eleven Ventures.
Hyland released Alfresco Content Services 7.0 – a cloud-native content services platform, optimized for content model flexibility and performance at scale.
CAST AI has announced the closing of a $20M investment round.
Check Point® Software Technologies introduced Infinity Global Services, an all-encompassing security solution that will empower organizations of all sizes to fortify their systems, from cloud to network to endpoint.
OpsCruise's Kubernetes and Cloud Service observability platform is certified to run on the Red Hat OpenShift Kubernetes platform.
DataOps.live released an update to the DataOps.live platform, delivering productivity for data teams.
CoreStack and Zensar announced a strategic global partnership. CoreStack will provide its AI-powered NextGen cloud governance and FinOps capabilities, complementing Zensar’s composable cloud operations offering.
Delinea introduced the Delinea Platform, a cloud-native foundation for Delinea's PAM solutions that empowers end-to-end visibility, dynamic privilege controls, and adaptive security.
Sysdig announced a new foundation that will serve as the long-term custodian of the Wireshark open source project.
Talend announced the latest update to Talend Data Fabric, its end-to-end platform for data discovery, transformation, governance, and sharing.