Wednesday, January 11, 2017

Foundry Group Keeps Backing Spare5, As Startup Becomes MightyAI

Boulder-based venture investment fund Foundry Group has continued its investment in startup Spare5, as it has pivoted to become MightyAI, as part of a new funding round for the startup. Spare5, which had previously let users earn money for "microtasks", is pivoting to become a provider of data sets and services for honing the development of artificial intelligence (AI) and machine learning software. MightyAI said it raised $15M in new funding, which came from Intel Capital, along with prior investors Google Ventures, Accenture Ventures, Foundry Group, Madrona Venture Group and New Enterprise Associates. Artificial intelligence and machine learning software requires the use of human inputs--hence, MightyAI's leveraging of its "microtask" system which it created when it was Spare5. MightyAI is based in Seattle. More information »