iMerit Technology Services Pvt. Ltd, an AI-based data labelling startup, announced it has raised $20 million in Series B funding round led by CDC Group Plc, the UK government’s development finance institution.
Existing investors such as Omidyar Network, Michael and Susan Dell Foundation, and Khosla Impact also took part in the current funding round, as per CDC statement to media.
The fund will be utilised to expand its workforce to 10,000 global employees by 2023 apart from enhancing its proprietary artificial intelligence-based platform, the statement added.
Radha R Basu said, founder at iMerit, said, “This investment validates our belief that the growth in artificial intelligence and machine learning is best serviced by a full-time, specialist workforce that continuously learns and grows with the technology.”
Nick O’Donohoe, CEO of CDC Group said, “Advances in AI technology are normally seen as a threat to jobs. iMerit has demonstrated that the opposite is true.”
iMerit was founded in 2012. The company turns information into data that is usable for machine learning processes. It also runs data enrichment processes that improve it for future use. It delivers web-enabled IT services including document management, multimedia, global services, design solutions, finance and accounting. It provides its workers with market-aligned skill training (MAST).
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