Data Labeling Firm AIMMO Announces $12M in Series A Funding
Founded in 2016, AIMMO has launched a series of data annotation tools aimed at supporting the transition to a smarter, AI-powered future. Now, the company has announced its first funding round: a Series A that succeeded in raising $12 million to help the company expand on a global level. The round included participation from DS Asset Management, Hanwha Investment & Securities, Industrial Bank of Korea, Korea Asset Investment & Securities, S&S Investment, Toss Investment, and Venture Field.
South Korea-based AIMMO’s AI-powered data annotation is based on Microsoft Azure infrastructure and includes AIMMO Enterprise, launched in late 2020 (its new flagship product) and AIMMO Annotation Workforce Service (a fully managed labeling service), along with other products tailored for more specific applications. Its products are in use in projects across Japan, Korea, the U.K., and the U.S. The company also has an office in Vietnam and, per an interview with TechCrunch, plans to open offices in Canada and Germany this year.
AIMMO’s tools and services offer smart labeling, LiDAR data visualization, project management, object detection, segmentation, and more. Its products have current uses spanning applications including video surveillance, x-ray image segmentation, facial recognition, retail object tracking, and more.
AIMMO has also carved out a next-generation niche for itself by making a particular customer of autonomous vehicle companies, highlighting use cases for EV-charging robots, LiDAR object detection, vehicle camera object detection, highway piloting, auto-parking, and even autonomous drone flight. Its most prominent customer for these vehicular applications is Hyundai, which engages with AIMMO through Hyundai Motor (its carmaking branch) and Hyundai Mobis (its car parts branch).
Doyle Chung, the head of global sales for AIMMO, highlighted the growing need for AIMMO’s products amid the Covid pandemic.
“The pandemic accelerated transforming contactless technology with AI deployment for intelligence surveillance, smart city, autonomous driving, smart factory, and robotics where AI data is inevitably needed,” Chung told TechCrunch. “Among all the directions and industries, our focuses are [mainly] smart city and autonomous driving.”
“The landscape of [the] AI industry has changed rapidly with a greater need in training and labeling data,” AIMMO said in a press release at the launch of AIMMO Enterprise. “AIMMO Enterprise goes with needs in [the] AI industry as a hassle-free self-service data platform for greater agility, accuracy, and efficiency.”