Perception software developer Annotell has raised US$24m in a Series A financing round co-led by Metaplanet (one of the first investors in DeepMind, which was later acquired by Google) and NordicNinja (the largest Japanese deep tech fund in Europe). Existing investors Stena Sessan AB and Ernström & Co also significantly contributed to the round, bringing the total capital raised to over US$31m.
The company says it intends to use the new investment to further develop its software platform and expand its R&D efforts.
Daniel Langkilde, company CEO and co-founder, commented, “What makes Annotell unique is our obsession with quantifying perception data quality. Our company was founded out of frustration with unreliable and subjective data. It is, by now, a well-known fact that machine learning systems are never better than the data they are trained on, but very few people actually bother to quantify how good their data is. It is tempting to treat your data sets as ‘the truth’. While we strive to produce data that is as consistent, accurate and detailed as possible, we acknowledge that all data comes with a probability of being incorrect.
“We’d like to thank our customers, investors, and partners for their trust in us! The only way to solve the incredibly complex technical challenges of autonomy is to collaborate with the smartest people in the world. We’re proud to have such people as customers, partners and colleagues. Together, we will create a future with safe autonomous vehicles.”