Wirestock, a platform that provides creative data for artificial intelligence, received an investment of $23 million. The company’s $23 million Series A investment round was led by Nava Ventures. US-based Wirestock’s SBVP, Formula VC and I2BF Ventures were involved.
The company announced that it will use the new investment to expand its research and development, engineering and product teams and to develop enterprise software that will enable artificial intelligence laboratories to work together on data sets.
Wirestock was founded in 2018 by Mikayel Khachatryan, Ashot Mnatsakanyan, Vladimir Khoetsyan and Hovhannes Kuloghlyan. The company was originally founded as a marketplace that helped photographers and designers distribute their content to stock image platforms like Shutterstock. However, over time, it completely changed its business model and became an artificial intelligence-focused data supply company.
Today, Wirestock collects creative digital assets such as photos, videos, 3D models, design files and game content and turns them into datasets that can be used to train artificial intelligence models. In this process, hundreds of thousands of content producers on the platform either produce new data or make their existing works suitable for artificial intelligence training.
Wirestock not only collects these contents, but also tags and organizes them in detail, making them understandable by artificial intelligence systems. The platform then generates revenue by licensing these data sets to large artificial intelligence laboratories.
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