Canvas Leads Investment in CrowdFlower’s Data Enrichment Platform
San Francisco, Calif. – September 17, 2014 – CrowdFlower, the leading data enrichment platform to help data scientists collect, clean and label data to make it useful, today announced that it has raised $12.5 million in Series C financing led by Canvas Venture Fund with participation from existing investors Bessemer Venture Partners and Trinity Ventures. The investment, which brings the total amount raised by the company to $28 million, will help the company support its rapid growth.
“Having worked at P&G where every product and brand strategy is based on exhaustive analysis of data, I naturally gravitated to CrowdFlower’s vision to help companies realize the real potential of Big Data,” said Rebecca Lynn, General Partner of Canvas. “CrowdFlower’s platform takes the pain out of managing an on-demand workforce to deliver accurate and fast results so that organizations can base their important business decisions on data they can trust.”
Businesses fail every day because of messy and incomplete data. In fact, data scientists report spending 50 to 80 percent of their time on average collecting and cleaning data before they can begin to glean insights from it. CrowdFlower is the leading data enrichment solution for data scientists. Its quality-control technology is the fastest and most accurate way to deliver the data that companies need to gain a competitive edge.
Utilizing a network of over five million on-demand contributors, CrowdFlower’s data enrichment platform helps businesses tackle large quantities of repetitive work to deliver up to seven years of work in a single day. eBay, Edelman, EventBrite, The Home Depot, VMWare and Venuelabs are just a few of the companies currently using CrowdFlower to address a wide variety of data projects including: search relevance tuning, data categorization, image annotation, content moderation, sentiment analysis, metadata creation and real-time transcription.
“We founded CrowdFlower five years ago to address the painful and time consuming challenges data scientists face on a daily basis. Our mission remains the same while the need for our solution is greater than ever,” said Lukas Biewald, founder and CEO of CrowdFlower. “We are excited to have Canvas as a partner for this exciting next phase of our business and thrilled to welcome Rebecca Lynn to our board.”
In a separate announcement today, CrowdFlower announced its vision to free data scientists from cleaning incomplete, messy data: http://www.crowdflower.com/
Founded in 2009, CrowdFlower is the leading data enrichment platform for data scientists. Its quality-control technology is the most accurate and fastest way to collect, label, and clean data from an on-demand workforce. The platform automates the management of these online contributors to tackle tasks that require human intelligence – like search relevance tuning, data categorization, image annotation, metadata creation, sentiment analysis, transcription, and de-duplication. Backed by Trinity Ventures, Bessemer Venture Partners, Harmony Partners and Canvas Venture Fund, CrowdFlower has over 150 customers including Unilever, Autodesk, eBay, Edelman, YP.com and VoiceBox.
Canvas is a Menlo Park-based venture capital firm focused on making early-stage investments in software and services. Spun out from Morgenthaler Ventures in August 2013, Canvas was initially managed by Rebecca Lynn, Gary Little and Gary Morgenthaler. Paul Hsiao joined as general partner in May 2014. Previous to Canvas, these partners led early investments in companies such as Lending Club, Evernote, Siri, Houzz, MuleSoft, Elance-oDesk, and Doximity. Canvas has made four investments since raising its inaugural fund; these include CrowdFlower, FutureAdvisor, HealthLoop, and Totango. With its thesis-based approach to investing, Canvas continues to establish itself as the go-to VC firm for enterprise SaaS, financial services, digital health, marketplaces, big data, and machine learning. Find out more about Canvas here: www.canvas.vc.
Bhava Communications for CrowdFlower