Designing, training and validating sophisticated machine learning algorithms can be time-consuming, especially for fragmented datasets. This gave birth to a cottage industry of networked data science, led by Google's Kaggle and companies like Topcoder. And the growth potential of the market is driving investors to stay alert.
CrowdAnalytix, based in Sunnyvale, Calif., Describes itself as a "library" of data-mining robots built through the competition, and is the latest to enter the ring. The six-year-old start-up announced today that it had raised $ 40 million through a strategic investment from Macnica, a subsidiary of Tokyo-based electronics company Macnica Fuji Electronics Holdings. This investment will be used to buy back existing shares of shareholders and inject capital into CrowdAnalytix.
This brings the total amount raised to $ 43 million after a $ 1 million round in December 2016 and $ 2 million in May 2012.
CrowdAnalytix CEO Divyabh Mishra said the capital would be used to expand the company's reach into the larger Japanese market and the new vertical markets where Macnica is very active, such as manufacturing and healthcare.
"Macnica's strategic investment validates the huge market potential of our revolutionary AI platform," said Mishra. "We look forward to deepening our synergy with Macnica by developing common customers, developing complementary technology offerings and growing globally.
The CrowdAnalytix platform consists of two layers: a machine layer and a human layer. The first includes a suite of more than 500 AI algorithms accessible by API, which collectively extract more than 2 million attributes per hour from text, images and images. his. In terms of the human layer, this is a community of more than 20,000 data scientists competing for cash prizes to create algorithms for, for example, identifying superheroes from product images or forecast the price of generic drugs.
Winning algorithms migrate to the CrowdAnalytix Datax portal, where they are constantly monitored for accuracy declines. Anyone who degrades below a certain threshold returns to the community portal to be trained or reconstituted.
Among the AI systems that the community has helped to create is an attribute extractor that categorizes products into one of the 5,500 types, an e-commerce tool at matching prices that can be used to search and match price of articles on competitors' sites, as well as a descriptive content creator generating product descriptions. and the titles of the attributes.
According to CrowdAnalytix, retail customers using its automated classifiers – including Fortune 100 companies – see an average 35% reduction in product returns, which is 20 times less basket abandonment (which is ie when an online customer who adds items to his cart leaves the website with nothing to buy) and a 90% increase in integration.
For Macnica, company specializing in the shipment of semiconductors, network equipment and software in the markets of electronics and computer, investment in CrowdAnalytix – and its community of data scientists, by extension – offers an opportunity to develop its AI activities.
"Artificial intelligence is transforming all current industries and CrowdAnalytix stands out clearly as a leader in the underlying technological innovations," said Macnica's president, Kiyoshi Nakashima. "We look forward to integrating CrowdAnalytix's artificial intelligence solutions into our business offerings and helping our customers gain more competitive edge in the marketplace."
Previous CrowdAnalytix investors include Accel Partners and SAIF Partners.