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Activeloop nets $11M to give enterprises a better way to leverage multimodal data for AI

Activeloop claims its Deep Lake can create AI applications at a cost up to 75% lower than market offerings while increasing engineering teams' productivity by up to five-fold.

While the CEO did not share the exact number of customers Activeloop is working with, he did note that the open-source project has been downloaded more than one million times to date and has propelled the company’s presence in the enterprise segment. With this round of funding, Activeloop plans to build its enterprise offering and rope in more customers to the database for AI, enabling them to organize complex unstructured data and retrieve knowledge with ease. Ultimately, he hopes the technology will save enterprises from spending millions on in-house solutions for data organization and retrieval as well as keep engineers from doing lots of manual handiwork and boilerplate coding, making them more productive.

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