Tech

Humanloop raises £2m to ‘democratize’ access to AI

Humanloop, a London-based AI startup creating tools for businesses to integrate natural language processing (NLP) into their applications, has closed a $2.6m (£2.1m) seed funding round.

Founded in 2020 by alumni from the likes of Amazon and Google, Humanloop’s goal is to “democratize” the adoption of artificial intelligence. Humanloop says its data annotation tools can speed up the training of machine learning algorithms.

“People would be surprised if they knew what language-based AI was capable of doing now but the biggest challenge is getting the data in a form that the algorithm can use,” said co-founder Humanloop and CEO Raza Habib.

“With Humanloop, we want to democratize access to AI and enable the next generation of smart, self-serving applications – by allowing any company to take their domain expertise and effectively distill it into a machine learning model.”

Humanloop is marketing its technology to companies that may not have the resources to build their own machine learning algorithms from scratch.

The seed round was led by VC firm Index Ventures, with participation from Y Combinator, LocalGlobe and Albion VC. The new funding has gone towards hiring new engineers.

“What many people don’t realize is that it’s not the lack of proper algorithms that is holding AI back from becoming ubiquitous in every workplace,” said Index Ventures partner Erin Price-Wright.

“Machine learning itself is becoming more commoditized and off-the-shelf, but it’s still very difficult for non-technical people to transmit their knowledge to a machine and help the algorithm improve its model.

Humanloop’s technology has been used across various industries, including an algorithm to scan health records to identify candidates for new therapies, moderate comments on Facebook groups, and automatically generate draft responses to customer service inquiries.

Humanloop’s product, called ‘Programmatic’ is currently being used by over 30 companies.



Humanloop raises £2m to ‘democratize’ access to AI

Source link Humanloop raises £2m to ‘democratize’ access to AI

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