Wirestock raises $23M to supply creative multi-modal data to AI labs | TechCrunch

"Wirestock, which previously helped photographers distribute and sell their work on stock photography services like Shutterstock, has taken the latter path. The company pivoted to being a data provider in 2023, and now supplies datasets of images, videos, design assets, and gaming and 3D content to AI labs. Wirestock said its platform has signed up more than 700,000 artists and designers who complete different tasks for data collection, similar to freelancers on platforms like Fiverr."

"Khachatryan said Wirestock was transparent about its shift, and allowed artists to opt out of its data supply business (in 2022, the platform had over 100,000 photographers on its platform). Khachatryan didn't specify how many people switched over as data providers for AI, only saying "the majority" did. "Initially, a lot of our deals were just selling what we had off the shelf, like our existing library. But then it turned into a lot of custom requests for content and data, and that created new opportunities for creators, and the platform just took off," he said."

"The startup said on Thursday it has raised $23 million in Series A funding to build out the new data supply business. The round was led by Nava Ventures, and saw participation from SBVP (co-founded by Sheryl Sandberg), Formula VC, and I2BF Ventures. Khachatryan says Wirestock currently provides multi-modal data to six of the largest foundation model makers, but he wouldn't name them. He noted the company currently has an annual run-rate revenue of $40 million and has so far paid out $15 million to its contributors."

Creative marketplaces have begun monetizing user-generated content data for AI by either building models or licensing datasets. Wirestock shifted in 2023 from stock photography distribution toward supplying datasets of images, videos, design assets, and gaming and 3D content to AI labs. The platform has onboarded more than 700,000 artists and designers who perform data collection tasks similar to freelance work. Artists were allowed to opt out of the data supply business during the transition. Wirestock reports multi-modal data delivery to six major foundation model makers, without naming them. The company raised $23 million in Series A funding, targets expansion of its data supply operations, and reports $40 million annual run-rate revenue and $15 million paid to contributors.

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