One of the platforms providing creative data in the field of artificial intelligence, Wirestock, recently raised a total of $23 million in its Series A funding round. This successful funding round was led by Nava Ventures, with other significant investors such as SBVP, Formula VC, and I2BF Ventures participating.
Use of Investment
The new funds will be used by Wirestock to support research and development activities and to expand its engineering and product teams. Additionally, there are plans to develop the necessary corporate software to enable collaboration on datasets for AI laboratories.
The entrepreneurs who turned the company into reality in 2018, Mikayel Khachatryan, Ashot Mnatsakanyan, Vladimir Khoetsyan, and Hovhannes Kuloghlyan, initially provided services for content distribution to platforms like Shutterstock. However, over time, they changed their business model to become a fully AI-focused data supply company.
Transformation of Digital Assets
Today, Wirestock collects various digital assets such as photos, videos, 3D models, and game content, transforming them into datasets that can be used for AI training. Hundreds of thousands of content creators on the platform are either producing new data or adapting their existing works for AI compatibility.
Moreover, Wirestock not only collects content but also meticulously labels the data to make it understandable for AI systems. As a result, they generate revenue by licensing the datasets they obtain to large-scale AI laboratories.