Most artificial intelligence models are trained through supervised learning, which means that people have to label raw data. Labeling data is a critical part of automating artificial intelligence and machine learning model, but at the same time it can be time consuming and tedious work.
A Korean startup called AIMMO, which uses software and people to label and categorize image, video, sound, text and sensor fusion data, has built an AI data annotation platform, making it faster to label the data for enterprises.
AIMMO announced today that it has raised $12 million in a Series A round to enhance its data label technology and drive global expansion. Seven venture capital firms participated in the latest round: DS Asset Management, Industrial Bank of Korea, Hanwha Investment & Securities, S&S Investment, Toss Investment, Korea Asset Investment & Securities and Venture field. AIMMO declined to comment on the valuation.
“The pandemic accelerated the transformation of contactless technology with AI deployment to intelligence surveillance, smart cities, autonomous driving, smart factories and robotics where AI data is inevitably needed,” said Doyle Chung, AIMMO’s head of global sales, in an e-mail. mail interview. “Of all directions and industries, our focus are: [mainly] smart city and autonomous driving.”
Founded in 2016 by CEO SeungTaek Oh, the startup has three data annotation tools: AIMMO DaaS, which manages sensor fusion data for autonomous vehicle companies; AIMMO GtaaS, a turnkey platform for big data; and AIMMO Enterprises, launched in 2020, a web-based SaaS annotation labeling tool with cloud architecture.
The startup said its tools help improve the inefficiency of the data annotation process so that customers can focus only on their AI modeling. There is no platform cost, coding skills and installation required for AIMMO Enterprises that allows users to tag their data through browsers like Chrome. As for its AIMMO GtaaS, users send raw data to AIMMO which labels the data with inspection and returns it to the customers, Chung said.
Through the AIMMO DaaS platform, data label sales and volume increased by 200% in 2021 compared to the previous year. AIMMO posted $10 million in revenue in 2021, according to the IR pitch deck. The company expects its growth in 2022, with global demand for autonomous driving steadily increasing.
The global data collection and labeling market size was estimated at $1.6 billion in 2021 and is expected to reach $8.2 billion by 2028, according to a market analysis report by GrandView Research.
AIMMO partners with a range of companies including automaker Hyundai Motor, auto parts developer Hyundai Mobis, starting up cars Kakao Mobility, car-sharing startup SoCar and autonomous freight developer ThoreDrive. AIMMO also partners with non-autonomous vehicle companies in robotics, optical character recognition (OCR), smart factories, intelligent surveillance, e-commerce and logistics sectors, such as telecom company SK Telecom, internet giants Naver and Kakao and Japan’s Komatsu.
The startup headquartered in Korea has offices in the UK, US, Japan and Vietnam. Chung said it also plans to open offices in Germany and Canada by 2022. AIMMO will compete with companies such as Scale AI, Playment, Understand.ai and Deepen AI as it expands further into the global market. Today, the startup has 200 employees around the world and more than 10,000 data labels.