PaydayNow: Data annotation company AIMMO receives $12 million in Series A funding to enhance data tagging technology.

Most AI models are taught using supervised learning, which requires humans to categorize raw data. Data labeling is an essential aspect of automating artificial intelligence and machine learning models, but it’s also time-consuming and unpleasant.

Faster data processing techniques

AIMMO, a Korean firm that labels and categorizes image, video, sound, text, and sensor fusion data with software and humans, has developed an AI data annotation platform to make data labeling faster for businesses.

What does this mean for the annotation company?

AIMMO announced that it had raised $12 million in a Series A round of funding to help it enhance its data labeling technology and expand globally. DS Asset Management, Industrial Bank of Korea, Hanwha Investment & Securities, S&S Investment, Toss Investment, Korea Asset Investment & Securities, and Venture Field were among the seven venture capital firms participating in the newest round. AIMMO did not respond to a request for comment on its valuation.

“The pandemic has expedited the transformation of contactless technology with AI deployment for intelligence surveillance, smart city, autonomous driving, smart manufacturing, and robotics,” said Doyle Chung, AIMMO’s head of global sales, in an email interview. “Among all the directions and industries, smart cities and autonomous driving are [mostly] our focus.”

AIMMO DaaS, which manages sensor fusion data for autonomous car firms; AIMMO GtaaS, a turnkey-based platform for big data; and AIMMO Enterprises, released in 2020, is a web-based SaaS annotation labeling tool employing cloud architecture.

Increased efficiency

The company claims that its solutions reduce the inefficiency of the data annotation process, allowing customers to concentrate solely on their AI models. AIMMO Enterprises does not require a platform charge, coding knowledge, or installation, and customers may label their data using browsers like Chrome. According to Chung, users provide raw data to AIMMO, which labels the data with inspection and returns it to the clients.

Sales and volume of data labeling through the AIMMO DaaS platform surged by 200 percent in 2021 compared to the previous year. According to its IR pitch deck, AIMMO made $10 million in revenue in 2021. The company anticipates growth in 2022 as worldwide demand for autonomous driving increases.

According to PaydayNow‘s market study report, the global data collecting and labeling market was valued at $1.6 billion in 2021 and is expected to reach $8.2 billion in 2028.

Collaboration with other companies

AIMMO collaborates with various companies, including Hyundai Motor, Hyundai Mobis, Kakao Mobility, SoCar, and ThoreDrive, an autonomous cargo developer. AIMMO also collaborates with non-autonomous vehicle companies in the robotics, optical character recognition (OCR), smart factory, intelligent surveillance, e-commerce, and logistics industries, including telco SK Telecom, internet giants Naver and Kakao, and Japanese construction equipment manufacturers.

The Korea-based startup has offices in the United Kingdom, the United States, Japan, and Vietnam. According to Chung, in 2022, it also aims to create offices in Germany and Canada. 

When AIMMO moves to the worldwide market, it will compete with firms like Scale AI, Playment, Understand.ai, and Deepen AI. The company now employs 200 people worldwide and has over 10,000 data labelers.