AI-tech startup, YData has recently completed a seed funding round worth €2.33 million that was headed by Flying Fish Partners, a US fund that focuses on AI and whose partners are former Amazon and Microsoft Directors. Existing investors EDP Ventures, Faber and Real Ventures also participated in the round.
Sources claim that the funding will allow the company to accelerate its worldwide expansion plan, focusing on the United States, Canada, and the rest of Europe.
As part of the company's next expansion stage, YData Co-founder and CEO, Gonçalo Martins Ribeiro will relocate to the United States to manage the expansion plan, while the development team will stay in Portugal.
The plan calls for the expansion of business development and product teams in the United States and tech development teams in Portugal and throughout Europe.
The funding comes after YData secured €500K in a pre-seed investment led by Faber in March of last year.
YData's data preparation platform, launched in 2019, is the only offering that combines major data science frameworks with unique tools for data access and profiling, data creation, and labeling to improve data quality for AI.
Better data implies fewer mistakes, biases, and a more diverse range of data, ensuring that AI is created responsibly. As a result, organizations in the financial services, utilities, and telecommunications industries have already adopted the company's technology.
According to Gonçalo Martins Ribeiro, data scientists spend 80% of the time just cleaning and preparing data. AI initiatives fail 85% of the time owing to poor data quality.
YData’s solution enhances the quality of datasets by utilizing cutting-edge technologies such as synthetic data creation, making it easier and faster for data scientists to create better datasets.
Furthermore, the open-source community allows data scientists to contribute to the technology's development and use it in projects before purchasing the platform.