Annual recurring revenue at Snorkel AI topped $375 million, marking an increase in demand for training data used by frontier AI labs. The company secured $350 million in fresh funding to develop a frontier data lab, with the round co-led by Insight Partners and S32 and participation from existing investor Addition.

The latest investment values the startup at $3.5 billion, CEO Alex Ratner told Reuters. Revenue grew more than 18x in less than a year, prompting contributions from GV, Lightspeed, Greylock, and Wells Fargo to support the delivery of simulated environments and complex datasets for AI models.