Wirestock has raised $23 million in Series A funding after shifting its business from stock photography distribution to supplying multimodal datasets for AI model training, joining a growing group of companies building businesses around demand for high-quality training data.
The company, which previously helped photographers distribute and sell images through stock media marketplaces such as Shutterstock, pivoted into the AI data supply market in 2023. Wirestock now provides datasets containing images, videos, design assets, gaming content, and 3D materials to AI model developers.
According to the company, more than 700,000 artists and designers have signed up to complete data collection tasks on the platform, operating in a model similar to freelance marketplaces such as Fiverr.
Mikayel Khachatryan, Wirestock’s co-founder and chief executive officer, said the company informed contributors about the transition and allowed them to opt out of participating in AI-related data supply activities.
Wirestock had more than 100,000 photographers on its platform in 2022 before the pivot. Khachatryan did not disclose how many contributors joined the AI data business but said “the majority” participated.
“Initially, a lot of our deals were just selling what we had off the shelf, like our existing library,” Khachatryan said. “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.”
Wirestock Expands To Custom AI Dataset Production
The Series A funding round was led by Nava Ventures, with participation from SBVP, co-founded by Sheryl Sandberg, along with Formula VC and I2BF Ventures.
Khachatryan said Wirestock currently supplies multimodal datasets to six of the largest foundation model developers, although he declined to identify them publicly.
The company said it currently operates at an annual revenue run rate of $40 million and has paid $15 million to contributors so far.
As part of its transition into AI data services, Wirestock retrained portions of its workforce to annotate and label datasets for machine learning applications. The company also established sales and enterprise teams to work with hyperscalers and expand data collection into areas such as 3D modeling.
Contributors including photographers, videographers, and illustrators can apply through Wirestock’s website. Applicants are required to complete an unpaid quality assessment task before being accepted onto the platform.
The company said it uses a combination of AI systems and human reviewers to evaluate submitted work.
AI Industry Continues Expanding Demand For Training Data
Demand for AI training data has increased sharply as model developers compete to improve multimodal AI systems capable of processing text, images, audio, and video.
Companies including Surge AI, Scale AI, and Mercor have rapidly expanded businesses tied to AI dataset creation and labeling services. Other startups including Micro1, Human Archive, and Human Native AI are also working with AI model companies.
Wirestock said it plans to focus primarily on supplying datasets for creative AI systems, including image and video generation models, while also exploring audio and music-related datasets.
Freddie Martignetti said Nava Ventures had already been looking for startups focused on AI data procurement and refinement before investing in Wirestock.
“I think Wirestock has a deep understanding of what foundational models and hyperscalers need in terms of multimodal data to start creating more human-like systems,” Martignetti said.
He added that multimodal datasets are expected to become increasingly important not only for media generation but also for AI systems performing real-world operational tasks.
Company Plans Hiring And Enterprise Software Expansion
Wirestock currently employs 60 people and said it plans to use the new funding to hire additional staff across research, engineering, and product development roles.
The company is also developing enterprise software tools intended to help AI labs collaborate on dataset management and refinement.
Following the latest financing round, Wirestock said its total funding raised has reached approximately $26 million.
Featured image credits: Magnific.com
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