Lithuania & Turkey-based Co-one offers data tools & services for AI companies to quickly, accurately & securely label image, video & text data. It provides firms with an “Annotation Management Dashboard”, which allows said to do so more efficiently. Moreover, the company’s Kovan App allows users to earn income by labeling data. This unique “crowdsourced” approach has been a key factor in the company’s success so far (using the “bounding box method” as a preferred labeling technique). So why does effective data annotation matter? simply put, 80% of time for an AI project is consumed by data preparation (data identification 5%, data aggregation 10%, data augmentation 15%, data cleansing 25% & – Co-one’s focus – data labelling 25%). Founded in 2020 by Arman Kayhan (co-CEO) & Mert Meneske (co-CEO), the firm received its first investment in 2021 & has since grown its monthly data labelling volume by 20x. The new funds will allow Co-one to expand its team & product, with a continued focus on the European AI market, where it already serves <35 firms. <Source: articstartup.com, ain.capital>
