Encord raises £23.4m in Series B funding led by Next47
The Series B round was led by Next47 with participation from Y Combinator, CRV, and Crane Venture Partners.
Encord provides data infrastructure for physical AI systems, helping teams manage and process complex multimodal data. The platform supports over 300 global artificial intelligence teams across various industries.
Encord has secured £23.4m in Series B funding to advance its AI data development platform. The round was led by Next47, with continued participation from existing backers including Y Combinator, CRV, and Crane Venture Partners. The fresh capital will support the company as it scales its platform and introduces new data management tools like Encord Index to automate AI curation.
Businesses increasingly struggle with uncurated data and a shortage of human domain experts when integrating AI models into enterprise operations. Encord addresses this bottleneck by combining data management, curation, annotation, and model evaluation into a single platform. This automated approach allows companies to trace decision pathways, eliminate biased data, and accelerate the journey from development to production.
From the founder
"In 10 years, every company will have an AI department in the same way that they have an IT department today or risk losing relevance, and Encord will be the only platform they need to accomplish the process of turning data into functional AI models,"
Ulrik Stig Hansen
Co-Founder and Co-CEO at Encord
Investor perspective
"We’re seeing a lot of innovation at the model and compute layers of AI but not as much innovation at the data layer,"
T.J. Rylander
General Partner, Next47
