- A preliminary investment round has secured $5 million for the data labeling startup Sapien.
- Animoca, Yield Guild Games, and Primitive Ventures were among the investors in the round.
In an initial fundraising round, Sapien raised $5 million to expand its data labeling business.
Investors including Yield Guild Games, Animoca, Artichoke Capital, and Primitive Ventures contributed to the round. According to the company, Sapien will utilize the money to improve its AI to better direct and support their data labeling.
Additionally, the funds will be used to grow Sapien’s blockchain infrastructure and staff of human labelers.
In a statement released on Wednesday, Sapien co-founder Trevor Koverko said, “With this funding, we will be able to expand our team, expand our frontend labeling infrastructure, and provide better quality data for our growing list of enterprise customers.”
In essence, Sapien gamifies data labeling—a step necessary to advance AI-powered language learning models like OpenAI’s Chat GPT—by using blockchain rewards.
To help machine-learning algorithms understand and learn from the data, data labeling entails assigning labels to text, images, and different kinds of files.
According to data labeler Fact.MR, the market for data labeling was valued at $6.8 billion in 2021 and is projected to grow to around $75 billion by 2032.
In the meantime, the larger artificial intelligence market is expected to increase from its valuation of about $242 billion last year to $738 billion in 2029, according to Statista data.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
