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Scale AI, a data labeling startup for big AI developers, has seen significant growth in its business. The company nearly quadrupled its sales year-over-year to approximately $400 million in the first half of 2024. Scale AI also raised $1 billion in May at a valuation of $13.8 billion. Despite the impressive growth, the company's gross margin deteriorated to below 50%, although its operating margin improved. Scale AI currently holds around $980 million in cash and has achieved a $1 billion annual recurring revenue (ARR).
Scale AI has fairly low gross margins but growth seems healthy atm. H1 financials here: https://t.co/HUqCRqD4TR @coryweinberg https://t.co/f6s1wmF1EZ
Scale AI, which labels data for big AI developers, nearly quadrupled its revenue in the first half, a sign of how much its business is taking off. https://t.co/pVWJyOvBGm From @coryweinberg
Sources: Scale AI nearly quadrupled sales YoY to ~$400M in H1 2024 and had ~$980M in cash; the data labeling startup raised $1B at a $13.8B valuation in May (@coryweinberg / The Information) https://t.co/vPj8z8V0ho 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/weTx0O5GUB