Wirestock Raises $23M for Multi-Modal Data Supply to AI Labs
In recent years, creative marketplaces have recognized a valuable data resource within their ecosystems. These platforms can either develop AI models themselves or leverage this data by licensing it to other AI labs.
Wirestock, which previously assisted photographers in distributing and selling their work through services like Shutterstock, has chosen the latter path. In 2023, the company shifted focus from being a marketplace for creative assets to becoming a provider of datasets including images, videos, design elements, and 3D content.
Wirestock’s CEO, Mikayel Khachatryan, explained that the platform now has more than 700,000 artists and designers who contribute by completing various tasks for data collection. This mirrors how freelancers operate on platforms like Fiverr. Prior to this shift, Wirestock had over 100,000 photographers on its platform.
“Initially, we sold what we had off the shelf,” Khachatryan said. “But then it became clear that custom requests for content and data were creating new opportunities for creators, which helped our business grow.”
The company recently secured $23 million in Series A funding to expand its multi-modal data supply capabilities. The round was led by Nava Ventures, with participation from other investors like SBVP (co-founded by Sheryl Sandberg), Formula VC, and I2BF Ventures.
How Wirestock Works
- Data Providers: Artists and designers contribute data through a mix of email marketing and referral programs. They must complete an unpaid task as a quality check before being accepted onto the platform.
- Data Collection: Wirestock uses both AI and human reviews to evaluate all work submitted on its platform.
The startup currently supplies multi-modal data to six of the largest foundation model makers, though Khachatryan did not name them. The company’s annual run-rate revenue is $40 million, with $15 million already paid out to contributors.
To support its growth, Wirestock has retrained some teams for detailed annotation and labeling of data, built sales and enterprise teams to engage with hyperscalers, and explored ways to gather more creative assets in areas like 3D modeling. The company is also looking into other modalities such as audio and music.
Market Demand
- Air Gap: There’s a notable demand for data supply services, driven by the rapid growth of AI labs aiming to improve their models. This includes companies like Surge, Scale AI, and Mercor.
- New Startups: Other startups are also working with top AI model makers in this space, such as Micro1, Human Archive, and Human Native AI.
To continue its growth, Wirestock will use the new funding to hire for research, engineering, and product roles. It is also developing enterprise software to facilitate collaboration on datasets between AI labs.
Investor Perspective
“I think Wirestock has a deep understanding of what foundational models and hyperscalers need in terms of multi-modal data,” said Freddie Martignetti, founder of Nava Ventures. “The cornerstone of our thesis was that multi-modal data will be increasingly important—not just for creating images or videos, but for models to complete real-world tasks.”
Key Takeaways
- Data Providers: Wirestock has over 700,000 artists and designers contributing through its platform.
- Market Growth: The company is currently supplying multi-modal data to six of the largest foundation model makers.
- Investment: Wirestock has raised $23 million in Series A funding, bringing total capital raised to about $26 million.
Originally published at techcrunch.com. Curated by AI Maestro.
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