IRVINE – May 7, 2024 - BasicAI Inc. ("BasicAI"), a California-based startup that builds a human-centered AI data infrastructure, today announced the closing of its seed funding round. The investment by Suneight K Investment with its affiliated funds and CNTXT FZCO, marks a major milestone in the evolution of BasicAI as it continues to drive innovation in the field of artificial intelligence.
The funding will fuel BasicAI's mission to democratize access to high-quality training data through its cutting-edge open-source software, Xtreme1, the first multi-modal data annotation platform in the Linux Foundation AI & DATA Global landscape. By combining advanced machine learning techniques with human expertise, BasicAI’s training data solution reduces data labeling time and costs by up to 80% compared to traditional manual approaches.
"In the AI era, we build software for humans. We firmly believe that the future of AI will be more human-centric. AI will only evolve with the ever-changing needs of people. Our vision is to infuse human touch into our AI-powered data annotation platform to cater to the complex and different needs of machine learning engineers, AI researchers, data annotators, project managers in each process of their high-quality training dataset creation," said Lin Du, Founder and CEO of BasicAI. "This funding enables us to scale our capabilities in the human-centric data labeling software development, while contributing back to the open-source AI community that has fueled our growth."
To date, BasicAI has assisted and delivered over 300,000 annotated datasets for commercial AI projects and research collaborations with leading partners like Stanford University, Intel, and HP. The Xtreme1 open-source community has also grown rapidly to over 5,000 members from AI labs at universities and major tech companies.
The new funding will be used to double down on R&D efforts to further automate high-volume 3D point cloud annotation for autonomous vehicle perception and mapping use cases, and to enhance the annotation tools for building high-quality training data for LLMs. Additionally, BasicAI plans to release an enterprise version with enhanced access controls, advanced workflow management, and extended integration capability by Q3 2024.
"We're excited to back BasicAI as they innovate to create AI training data at an unprecedented scale," said Masahide Katsukata at Suneight K Investment. "Their human-in-the-loop approach combining software and expertise uniquely positions them to meet explosive demand for specialized datasets across industries."
CNTXT's decision to invest in BasicAI reflects its confidence in the company's unique value proposition and the caliber of its leadership team. "We are thrilled to have the strategic partnership with BasicAI on their journey to redefine the future of AI and unlock new possibilities for our customers," said Mohammad Abusheikh, CEO at CNTXT. Moreover, CNTXT has become the exclusive software distributor of BasicAI’s multi-modal data annotation platform in the U.A.E. and Saudi Arabia this week.
The startup has existing business partnerships with Fortune 500 brands and AI companies across North America, Europe, and Asia such as Intel, HP, Konica Minolta, Klass Engineering, Moovita, Artificialy SA, etc.
"At BasicAI, we go beyond just providing a solution for you. We strive to be your trusted business partner in every step of your AI journey. From assisting you with complex data labeling tasks to offering valuable insights and expertise, we are committed to ensuring your success," added Aaron Chen, Co-founder of BasicAI.
About BasicAI:
BasicAI provides a human-centered AI training data infrastructure combining its multi-modal data annotation platform and global teams of data labelers spanning 50+ languages. Its mission is to accelerate AI innovation by addressing data bottlenecks through cutting-edge data annotation techniques and optimized workflow management tools. BasicAI serves leading enterprises and research institutions across autonomous vehicles, robotics, agriculture, healthcare, e-commerce and more. For more information, visit www.basic.ai.
About Suneight K. Investment:
Suneight is a Tokyo-based independent Venture Capital firm that invests and supports business development of all the stages of the venture companies. Suneight has the following track record (IPOs and M&As): Re-plus Inc., Japan Representative Co. Ltd., AQ Interactive Inc., Trust Works Inc., Sockets Inc., Spring Real Estate Investment Trust etc.
About CNTXT FZCO:
CNTXT FZCO is a UAE based technology company with its mission to accelerate the development of AI application and LLMs. Its AI training data solution powers the generative AI and more.
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