YData, a Lisbon, Portugal-based data preparation platform provider, raised $2.7m in seed funding.
The round was led by Flying Fish Partners, a US fund that specializes in AI and whose partners are former Microsoft and Amazon Directors, with participation from existing investors Faber, EDP Ventures and Real Ventures.
The company intends to use the funds to accelerate the development of AI solutions and expand across Europe and North America.
Established in 2019 by CEO Gonçalo Martins Ribeiro and Chief Data Officer Fabiana Clemente, YData provides a data preparation platform that brings together the major data science frameworks combined with proprietary tools for data access and profiling, data generation and labelling, to deliver data quality for AI. The company’s technology has already been adopted by organizations in the financial services, utilities, and telecoms sectors.
As part of the next stage in the company’s growth, Ribeiro will move to the US to lead the expansion strategy, whilst the company’s development team will remain in Portugal. The strategy includes the growth of business development and product teams in the US and tech development teams in Portugal and across Europe.
YData had raised €500k in a pre-Seed round in March last year led by Faber. It is an alumnus of some of the world’s most recognized startup programs, including the Google For Startups Residency; NVIDIA Inception Program; Techstars AI, and IBM Hyper Protect.
FinSMEs
11/10/2021