ANN ARBOR, Mich., May 16, 2024 — Voxel51, the leader in visual AI, today announced that it has closed a $30M Series B funding round. The round was led by Bessemer Venture Partners, with participation from new investor Tru Arrow Partners and existing investors Drive Capital, Top Harvest Capital, Shasta Ventures and ID Ventures. Voxel51 will use this funding to scale up its go-to-market organization, expand its community, invest in AI research and accelerate its roadmap to meet the growing market demand for solutions that unlock the value of visual AI.
Voxel51 was founded by a team of machine learning and computer vision experts to help address the distressing failure rate of AI projects. While investments in AI have exploded, a recent article in Harvard Business Review reported that the failure rate of AI projects is estimated to be as high as 80%. With visual data, such as the image and video data that already make up over 60% of all data traffic, becoming an increasingly important part of AI projects, the complexity and difficulty of building successful AI applications only increases. All too often, the culprit behind these failures is the struggle to put visual data to work in building production-ready AI models and applications—today’s fragmented, inflexible tools and clunky manual processes lead to lengthy development cycles and painful errors in production.
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