CloudFactory, a Reading, England, UK-based provider of managed workforce solutions for artificial intelligence (AI), secured $65m in growth equity funding.
The round was led by FTV Capital with participation from Weatherford Capital. As part of the transaction, FTV Capital partner Alex Mason and principal Abhay Puskoor and Weatherford Capital partner Sam Weatherford will join the CloudFactory board of directors.
The company intends to use the funds to investment in three core areas:
– Workforce development, education and training
– strategic investments in sales and marketing
– technologies and expanded capabilities in existing systems
Led by Mark Sears, founder and CEO, CloudFactory leverages AI and machine learning algorithms to deliver high-quality data to meet the needs of businesses of all sizes, from resource-strapped startups to large enterprises.
Its managed teams can process data using virtually any tool. Used by 130+ companies, the company annotates data for 11 of the world’s top autonomous vehicle companies and process millions of tasks a day for innovators including Microsoft, Drive.ai, Ibotta and nuTonomy. It has offices in the U.K., U.S., Nepal and Kenya.