Tech Transfer eNews Blog

Stanford start-up emerges from stealth with $15M to help companies harness AI

By Jesse Schwartz
Published: July 22nd, 2020

A Stanford University start-up that aims to make AI more accessible has launched out of stealth with $15 million in funding.

Snorkel AI is advancing a machine learning platform known as Snorkel Flow that will enable developers and non-developers alike to build and deploy AI applications in a fraction of the time previously required. The technology works by programmatically labeling and managing the “training data” that fuels modern AI, a process that often requires weeks or months of manual effort for each application.

Snorkel’s current customers include top U.S. banks, government agencies, and other large enterprises.

“Despite spending billions of dollars on AI, few organizations have been able to use it as widely and effectively as they want to. This is because available solutions either ignore the most important part of AI today — the labeled training data that fuels modern approaches — or rely on armies of human labelers to produce it,” says Alex Ratner, CEO of Snorkel AI. “Our end-to-end platform, Snorkel Flow, focuses on a new programmatic approach to the training data that enables enterprises to use AI where they couldn’t before.”

For example, one of Snorkel’s customers, a top-three U.S. bank, uses the program to quickly build AI applications that classify and extract information from its loan portfolio.

“We’ve consistently heard from Fortune 500 CIOs that they have been disappointed with their progress using AI, largely because they get stuck on the data,” says Saam Motamedi, partner at Greylock, which contributed to Snorkel’s $15M backing. “Customers’ rapid success with Snorkel Flow is a testament to the power of this new, data-centric approach, which has the potential to democratize AI across the enterprise. We are thrilled to partner with the Snorkel team as they drive this important market shift.”

Source: Business Wire

Posted under: Tech Transfer e-News

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