Snorkel AI raises $350 million at $3.5 billion valuation

Snorkel AI has raised $350 million in a Series E funding round, bringing the company’s valuation to $3.5 billion. The round was co-led by Insight Partners and S32, with participation from several new and existing investors, including March Capital, Blumberg Capital, Allegis Capital, Frontline, Standard, and Third Point Ventures.

The San Francisco-based company reported an eighteenfold increase in its annualized revenue run rate over the past twelve months, growing from approximately $20 million to $375 million. Snorkel AI operates as a data lab, providing specialized infrastructure for frontier AI models, including the construction of training datasets, evaluation frameworks, synthetic data environments, and reinforcement learning setups.

As demand for high-quality, specialized data grows for fine-tuning large language models and foundation models, Snorkel AI has positioned itself as a key supplier in the AI supply chain, catering to both large enterprises and AI startups.