Total amount raised
$30 Millions
Latest funding date
10/1/2023
Location
Cleanlab has successfully raised funding through multiple rounds, with notable investors including TQ Ventures and Databricks Ventures. The company focuses on automating data error detection and correction to enhance the quality of datasets.
Keep reading to explore the intricacies of Cleanlab's fundraising journey and the investors backing this innovative platform.
What Is Cleanlab?
Cleanlab, founded in October 2021, is based in San Francisco, California. The company was established by Anish Athalye, Curtis Northcutt, and Jonas Mueller. With a team of 11-50 employees, Cleanlab focuses on automating data error detection and correction to enhance dataset quality.
How Much Funding Has Cleanlab Raised?
- Seed Round
- Amount Raised: $5M
- Date: July 2023
- Lead Investors: Bain Capital Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch Cleanlab's initial product offerings and establish a market presence.
- Series A
- Amount Raised: $25M
- Date: October 2023
- Lead Investors: Menlo Ventures, TQ Ventures
- Valuation at Round: $100M
- Motivation Behind the Round: To scale operations, enhance software capabilities, and address data quality issues in AI models.
Total Amount Raised: $30M. Current Valuation: $100M.
Key Investors
- Menlo Ventures
- Details: Menlo Ventures is a venture capital firm with a portfolio that includes more than 80 public companies and over 165 mergers and acquisitions. They currently manage $5.6 billion in assets and invest across various stages and sectors.
- Investment Focus Areas: Consumer, Enterprise, Healthcare
- Notable Investments: Uber, Roku, Warby Parker
- TQ Ventures
- Details: TQ Ventures is a venture capital firm based in New York City, led by Schuster Tanger and Andrew Marks. They focus on partnering with extraordinary founders across the software complex (B2B and B2C).
- Investment Focus Areas: Technology, Consumer, Media
- Notable Investments: SpaceX, Airbnb, Spotify
- Bain Capital Ventures
- Details: Bain Capital Ventures is the venture capital arm of Bain Capital, investing from seed to growth stages in companies across various sectors. They leverage the resources and network of Bain Capital to help their portfolio companies grow.
- Investment Focus Areas: Fintech, Healthcare, Enterprise Software
- Notable Investments: LinkedIn, DocuSign, Jet.com
- Databricks Ventures
- Details: Databricks Ventures is a new investor in Cleanlab's Series A funding round. They are known for providing data infrastructure to large corporations like AT&T and Toyota.
- Investment Focus Areas: Data Infrastructure, AI, Machine Learning
- Notable Investments: Not specifically mentioned
What's Next for Cleanlab?
Cleanlab stands at the forefront of a massive opportunity to address the $3 trillion problem of bad data in the U.S. alone. With its automated data curation platform already in use by over 10% of Fortune 500 companies, the potential for growth is substantial. The recent launch of new features, such as the Trustworthy Language Model, further enhances its value proposition, making it an essential tool for enterprises relying on AI and analytics solutions.
Future fundraising opportunities appear promising, given the strong investor interest demonstrated in the recent $25 million Series A round. High-profile investors like Menlo Ventures and TQ Ventures position Cleanlab well for additional funding rounds to scale operations and enhance its technology. However, the company must navigate challenges such as competition from other data curation solutions and ensuring the scalability and reliability of its platform as it expands its customer base.
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