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DefinedCrowd receives investment of US $ 50.5 million

DefinedCrowd receives investment of US $ 50.5 million
Dinheiro Vivo · 26 May 2020

Providing high-quality data to voice recognition devices yielded an investment of $ 50.5 million in DefinedCrowd. In the B series of financing, the Portuguese artificial intelligence startup won new investors and set new records. This capital injection will be used to develop new products in the international market and also help to double the team to 500 people by the end of this year.

This operation involved several types of venture capital investors: the Portuguese Semana Next and the English Hermes GPE invested for the first time in DefinedCrowd; there was also space for several repeaters such as the Portuguese Portugal Ventures, Bynd Venture Capital and EDP Ventures and the international Evolution Equity Partners, Kibo Ventures and IronFire Ventures. Before that, there were investors like Amazon Alexa Fund, Sony Innovation Fund and Mastercard.

Daniela Braga points out that DefinedCrowd has managed to increase revenues and profitability. "Closing the investment series B is an incredible validation for everything we have achieved in the last four and a half years. In addition to having significantly increased our customer base among the 500 largest companies in the world [Fortune 500 ranking], we have also increased our revenues with current customers, which proves our value proposition”.

The artificial intelligence specialist also notes that the demand for this technology "is growing exponentially in almost all industries and geographies. With our talent, resources, customers and valuable international investors, we are on the right path to be the best data company for artificial intelligence”. 

In addition to the development of new products, the investment round announced this Tuesday will also strengthen DefinedCrowd's ambition to hire 250 people by the end of this year. At that time, the startup's revenue increase of 656% was announced, although the amount has not been revealed. The goal of 500 jobs had already been established in the first weeks of 2020 and is on track to be fulfilled: Dozens of these vacancies are already available to specialists in design and programming in the four offices of the Portuguese platform, in Lisbon, Porto, Seattle and Tokyo (see vacancies on this page).

This Portuguese startup since its founding has managed to raise US $ 63.6 million in investment, based on data from the Crunchbase platform.