Snorkel AI raises $350M in Series E funding, valuation triples to $3.5B
Snorkel AI has raised a $350 million Series E round at a $3.5 billion valuation, tripling its previous valuation of $1.3 billion from 17 months ago. The investment was led by Insight Partners and S32, with participation from existing investors such as Addition, Lightspeed, Greylock, GV, and Wells Fargo. Snorkel AI provides tools for building training datasets and simulated environments for artificial intelligence systems. The company has shifted its business model to offer data-as-a-service rather than just software automation or human labeling services. It now generates synthetic data using a combination of software models and expert input. This pivot aligns with the growing demand from AI labs seeking high-quality, large-scale training datasets. Snorkel's annualized revenue run rate has surged 18-fold to $375 million in the past year. The broader market for AI training data is experiencing rapid growth, as seen by similar success among competitors like Mercor and Handshake.
