The round was led by Next47, a global venture firm investing in early and expansion-stage companies in SaaS, AI and enterprise, with participation from existing investors Y Combinator, CRV, and Crane Venture Partners.

Built by a team of former quants, physicists, and computer scientists, Encord is a leading data development platform built to make AI development more practical. Encord's end-to-end solution is the first unified platform that automates an AI team's entire workflow (data management and curation, model evaluation, and annotation). By combining data curation and annotation with an evaluation of model quality, customers have access to a trail that shows why a model is making certain decisions.