Wirestock secures $23M to supply multi-modal data for AI labs

In recent years, creative marketplaces have discovered they are sitting on a treasure trove of data. Rather than simply leaving it idle, many are choosing to either build their own AI models or license that data to others for profit. Wirestock, once a platform helping photographers distribute and sell their work on stock photography services like Shutterstock, has taken the licensing route.

The company made a strategic pivot in 2023, transitioning into a data provider for AI labs. Today, Wirestock supplies datasets spanning images, videos, design assets, and gaming and 3D content. According to the company, more than 700,000 artists and designers have joined its platform, completing tasks for data collection similar to freelancers on sites like Fiverr.

Mikayel Khachatryan, co-founder and CEO, said Wirestock was upfront about the shift and gave artists the option to opt out of its data supply business. In 2022, the platform boasted over 100,000 photographers. Khachatryan declined to specify exactly how many transitioned to data providers, but noted that “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 explained.

On Thursday, the startup announced it has raised $23 million in Series A funding to expand this new data supply operation. The round was led by Nava Ventures, with participation from SBVP (co-founded by Sheryl Sandberg), Formula VC, and I2BF Ventures.

Khachatryan revealed that Wirestock now supplies multi-modal data to six of the largest foundation model makers, though he declined to name them. He added that the company currently generates $40 million in annual run-rate revenue and has paid out $15 million to its contributors so far.

The pivot required significant internal changes. Wirestock had to retrain some teams to annotate and label data in detail, making it useful for AI labs. It also built sales and enterprise teams capable of pitching to hyperscalers, and found ways to source more creative assets, particularly in areas like 3D modeling.

To attract new contributors, Wirestock relies on email marketing and referral programs. Photographers, videographers, and illustrators can apply to provide data through its website, but they must first complete an unpaid task as a quality check. The company uses a combination of AI and human reviews to evaluate all work on the platform.

Demand for data supply services is soaring as AI labs race to improve their models. Companies like Surge, Scale AI, and Mercor have built businesses worth tens of billions almost overnight, driven by demand for diverse datasets. Newer startups such as Micro1, Human Archive, and Human Native AI are also partnering with top AI model makers.

Wirestock aims to specialize in data for creative use cases, particularly image and video generation models. The company is also exploring other modalities, including audio and music.

Freddie Martignetti, founder of Nava Ventures, said his fund was actively searching for a startup innovating in data procurement and refinement before discovering Wirestock.

“I think Wirestock has a deep understanding of what foundational models and hyperscalers need in terms of multi-modal data to start creating more human-like systems. The cornerstone of our thesis was that multi-modal data will be increasingly important, not just to create images or videos, but for models to complete real-world tasks,” Martignetti told TechCrunch.

Wirestock currently employs 60 people and plans to use the new funding to hire for research, engineering, and product roles. It is also developing enterprise software to help AI labs collaborate on datasets.

This funding round brings the startup’s total capital raised to approximately $26 million.