Funding round
Snorkel AI Series B
Snorkel AI, which works in research-grade dataset development in Redwood City, raised $35M in a Series B round announced on 7 Apr 2021, led by Lightspeed Venture Partners. 8 firms took part. It is Snorkel AI's second venture round on record; the one before was a Seed in Jan 2019.
$35M
Amount raised
Not disclosed
Post-money valuation
8
Investors
1 lead
Valuation
What this round says about the price
Snorkel AI did not disclose a valuation in this round. It came 27 months after Snorkel AI's Seed. It is 6.1% of the $573M Snorkel AI has raised in the venture rounds on record. Snorkel AI raised again 4 months later: a Series C round of $85M in Aug 2021, at $1.00B post-money.
Snorkel AI's funding rounds
Snorkel AI has 5 venture rounds on record and 1 other deal. This one is highlighted.
- Seed 1 Jan 2019 $3.0M
- Other not a venture round 14 Jul 2020, led by Greylock Partners $15M
- Series B this round 7 Apr 2021, led by Lightspeed Venture Partners $35M
- Series C 9 Aug 2021, led by Addition and BlackRock $85M$1.00B post-money
- Series D 29 May 2025, led by Addition $100M$1.30B post-money
- Series E 22 Sep 2026, led by Insight Partners and S32 $350M$3.50B post-money
Investors
Who put money in
Lightspeed Venture Partners led the round with 7 other firms.
Lead investor
- Lightspeed Venture Partners backs 454 venture-backed companies new investor
Also in the round
- Greylock Partners backs 190 venture-backed companies new investor
- GV backs 428 venture-backed companies new investor
- In-Q-Tel backs 97 venture-backed companies new investor
- Nepenthe Capital new investor
- Walden International new investor
- BlackRock new investor
- backs 15 venture-backed companies
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
45 Series B rounds in Software Development Services within a year either side disclosed an amount; the median was $25M, and this round was 1.4 times the median. The closest in time, other companies' Series B rounds in Software Development Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Software Development Services | 14 Apr 2021 | $18M | not disclosed | North Sound Ventures |
| Software Development Services | 23 Mar 2021 | $60M | not disclosed | BOND |
| Software Development Services | 16 Mar 2021 | $45M | not disclosed | Accel |
| Software Development Services | 22 Feb 2021 | $72M | not disclosed | Madrona |
| Software Development Services | 28 Jun 2021 | $50M | not disclosed | Left Lane Capital |
| Software Development Services | 24 Feb 2021 | $25M | not disclosed | Bain Capital Ventures |
| Software Development Services | 10 Feb 2021 | $21M | not disclosed | Battery Ventures and CRV |
| Software Development Services | 28 Jul 2021 | $60M | not disclosed | Activant and L Catterton |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Snorkel AI raise in its Series B round?
Snorkel AI raised $35M in its Series B round, announced in Apr 2021.
Who led Snorkel AI's Series B round?
Lightspeed Venture Partners led it, with Greylock Partners, GV, In-Q-Tel, Nepenthe Capital and Walden International and 2 more.
What was Snorkel AI's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Software Development Services?
45 Series B rounds in Software Development Services within a year either side disclosed an amount; the median was $25M, and this round was 1.4 times the median.
Did Snorkel AI raise again after this round?
Yes: a Series C round in Aug 2021 of $85M at $1.00B post-money.