AI data labelling startup created by Armenians raises $3m seedJune 12, 2020 - 15:39 AMT PanARMENIAN.Net - SuperAnnotate, an AI-driven annotation platform by Armenian specialists for data scientists and machine learning teams, has raised $3 million in a seed round led by Berlin’s Point Nine Capital. Runa Capital and Fathom Capital also joined the investment, as well as previous investors Berkeley SkyDeck Fund and Plug and Play Ventures, Tech.eu reports. Though the company is based in California, the two founders are from Armenia and each came to Europe for their PhDs, Tigran Petrosyan to ETH Zurich and Vahan Petrosyan to the KTH Royal Institute of Technology in Sweden. The algorithms developed during Vahan’s studies became the basis of SuperAnnotate’s data annotation platform. Labeled data is key to advances in self-driving cars, retail, healthcare and other industries, but it’s extremely tedious. In a press release, the startup says data preparation and engineering tasks consume over 80 percent of the time spent in most AI and ML projects, adding that the market for data annotation tools is expected to reach $2.57 billion by 2027. SuperAnnotate is an end-to-end platform for image annotation, providing a toolkit for manual labeling, a simple communication system, recognition improvement, image status tracking, templates, dashboards and other tools. “Coming from academia and seeing the pains of labeling first-hand, we work overtime to make sure our users have the right tools and are connected with the right teams to successfully complete their computer vision projects with the highest detection accuracies,” explains Tigran, the startup’s CEO. Launched this February, the AI company has already attracted more than 3,000 data scientists and over 100 companies. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. |