A European and Lisbon-based startup YData scores 2.33M euro, however, the same company is understood to have created the first data preparation app designed to accelerate the development of AI solution just closed a Seed funding round needed to fast-track its expansion across the continents of Europe and North America.
The latest funding round was led by Flying Fish Partners, a known U.S. fund that specializes in artificial intelligence (AI) partnering with former Amazon and Microsoft directors. In addition to that, the round also saw the participation of existing investors EDP Ventures, Faber, and Real Ventures.
A company that was founded in 2019, notably a data preparation platform which is undoubtedly the only product that brings together core data science frameworks merged with proprietary tools specifically for data access and profiling, data generation, and labeling, aimed at delivering better data quality for AI. It’s also worth noting that this is significant for the purposes of fewer errors, biases, and a representative set that ensures AI is built in a responsible manner.
Prior to the latest, YData had previously secured 500k euro in a pre-Seed investment that was held in March last year, led by Faber. However, the Co-founder and CEO ‘Martins Ribeiro’ made clear in an explanation that: “Typically, data scientists spend 80% of their time just cleaning and preparing data, whilst 85% of AI projects fail, mainly due to poor data quality. Our solution improves the quality of datasets, using state-of-the-art technology such as synthetic data generation, and helps data scientists build better datasets in a much easier and faster manner. Moreover, our Open-source community enables data scientists to contribute to the development of the technology and apply it to projects before committing to buying the platform”.
Moreover, YData scoring 2.33m meant for global expansion strategy, is poised to focus mainly on three major markets, the U.S, Europe, and Canada. However, in the preparedness of the company’s next stage and desired growth, Ribeiro will be moving to the United States to lead the strategy, while the rest of the company’s development team will stay put in Portugal. A strategy that is said to include the growth of business development and product teams in the United States coupled with tech development teams in Portugal and across Europe.
“YData aims to help data science teams focus on what really matters, which is creating value for the company. The YData platform solves the problems at the data level that are always the most complex. In the coming years, any company that is investing in Artificial Intelligence will need to start with YData to assess and improve the quality of existing data, before training a machine learning model”, the co-founder and Chief Data Officer at YData ‘Fabiana Clemente’ stated.
The managing partner at Flying Fish Partners ‘Frank Chang’ also commented: “I’m so excited to see YData tackling a very real problem that many companies will face, but don’t have the resources to solve internally. The amazing Ydata team and our first-hand experience with this major pain point is a huge reason why Flying Fish invested”.
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