Core Insights - Invisible Technologies, a competitor to Scale AI, raised $100 million in a recent funding round, highlighting continued investor interest in foundational components of the AI boom [1] - The company, founded 10 years ago, is now valued at over $2 billion following this funding round led by Vanara Capital [1] - Invisible's technology supported the training of OpenAI's initial ChatGPT, focusing on organizing and classifying vast amounts of information for AI models [1] Funding and Valuation - The recent funding round raised $100 million, with the company achieving a valuation exceeding $2 billion [1] - Vanara Capital, which recently spun off from TPG Inc., led this funding round, marking its first publicly disclosed investment [1] Market Position and Strategy - The data annotation industry gained mainstream attention when Meta acquired a 49% stake in Scale AI, which is valued at over $29 billion [3] - Invisible differentiates itself by offering more complex annotation services and has launched an "expert marketplace" to connect AI companies with data annotators possessing relevant expertise [3] - The company aims to excel in delivering high-complexity work, as stated by Vanara's co-founder, emphasizing the importance of professional collaboration over mere manpower [6] Leadership and Growth - In January, Invisible appointed Matthew Fitzpatrick, former head of McKinsey's AI software development, as CEO [4] - The company currently employs 350 staff, with its engineering team size doubling this year [4] Financial Performance - Invisible's projected sales for 2024 are $134 million, doubling from the previous year [5] - The company offers various products beyond data annotation, including model fine-tuning tools and industry-specific solutions [5] Competitive Landscape - The data annotation sector is highly competitive, with other players like Surge AI, Turing, Labelbox Inc., and Mercor also vying for market share [5] - Surge AI is reportedly negotiating a $1 billion funding round at a valuation of at least $25 billion [5]