Tallinn-headquartered startup Co-one has raised €4.2 million in a seed funding round led by Maxis Yenilikçi Fon with the participation of TechOne Venture Capital, TechOne Venture Capital, Lima Ventures, DOMiNO Ventures, LEAP Investment, Emrah Gultekin and Siret Unsal. The startup, which was founded in 2021 by A. Arman Kayhan and Mert Menekse, offers data labelling services for AI companies by focusing on quickly, accurately, and securely labelling visual, video, and text data. With the funding, Co-one plans to further develop its products and expand its team. The company has already made significant strides in the European AI market, currently serving over 35 firms and having grown its monthly data labelling volume by 20 times.
Co-one has a unique approach to data labelling, providing firms with an Annotation Management Dashboard that enables them to manage their data labelling processes more efficiently. Additionally, the company’s Kovan App allows users to earn income by labelling data. This unique approach to data labelling has been a key factor in the company’s success so far.
The seed funding round was led by Maxis Innovative Fund, with participation from other investors such as TechOne Venture Capital, Lima Ventures, Domino Ventures, Leap Investment, Emrah Gültekin, CEO of Chooch AI, and Siret Ünsal, an investment banker. These investors believe in the company’s potential to play a significant role in the European AI market by democratizing data labelling and making AI more accessible to people.
Co-one, which received an investment of $1.35 million in 2021 under the leadership of TRAngels, has since grown its monthly data labelling volume by 20 times. The company aims to continue to grow and contribute to the AI ecosystem, particularly in the European market where it has already acquired its first customers and is looking to expand its reach further. The company’s goal is to democratize data labelling and bring AI to serve humanity in a better way.
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