LOS GATOS, Calif., Feb. 18, 2020 (GLOBE NEWSWIRE) -- via NetworkWire --iMerit, a leading data annotation and enrichment company, is headed into2020 with expansion plans, new innovation and new funding for itshuman-in-the-loop AItechnology platform. The company has attracted $20 millionin Series B funding led by CDC Group, the UKsleading publicly-owned impact investor.This investment, which also includes participation fromexistinginvestors, will be used to continue innovation for the companys proprietary AIplatform that delivers 100% quality control and over 98% accuracy.

The funding will also be used to expand its advanced workforcefrom 3,000 employees across the US,India and Bhutan to 10,000 global employees by 2023. It is the latest signthat iMeritshigh-quality datasets for artificial intelligence (AI) and machine learningare leading the industry and achieving the highest security certification. Thecompanys dataannotation and enrichmentspecialists work across nine securecenters globally. They provide solutionsacross multiple markets including automotive, healthcare, e-commerce, finance,media and entertainment, and government. iMerit has been growing at over 100%for 3years, has been cash positive for the last 2 years, and is continuing todifferentiate from the rest of the market.

This investmentvalidates our belief that the growth in artificial intelligence and machinelearning is best serviced by a full-time, specialist workforce thatcontinuously learns and grows with the technology, saysiMerit CEO and founderRadha R. Basu, and CDC Group shares this belief. This new funding will enableiMerit to continue to provide enterprise-scale and quality to a large clientbase in a fast-growing andevolving market.Our investment in iMerit underlinesour commitment to back companies that are creating skilled jobs, particularlyfor women, in countries where they are most needed, says Nick ODonohoe, CEO, CDC Group.Advancesin AI technology are normally seen as a threat to jobs. iMerit has demonstratedthat the opposite is true. The technology sector has an incredibly importantrole to play in supporting the UNsSustainable Development Goals and in that regard iMerit is a true pioneer.

iMerits contributions toglobal AI initiatives in 2020 will include:

CDCsmission and iMeritsjourney align very well, says DD Ganguly, President of iMerit USA. Workingwith an organization, like CDC, that prioritizes an advanced, inclusive andgender-balanced workforce isperfect for iMerit. The collaboration will enableiMerit to continue to build a specialized, profitable, high growth business,with a customizable and agile technology platform, that will foster strongcustomer loyaltyin a cutting-edge sector.About iMeritiMerit's Artificial Intelligence and Machine Learning platformpowers advanced algorithms in Machine Learning, Computer Vision, NaturalLanguage Understanding, e-Commerce,Augmented Reality and Data Analytics. Itworks on data for transformative technologies such as advancing cancer cellresearch, optimizing crop yields and training driverless cars tounderstandtheir environment. The company drives social and economic change by tappinginto an under-resourced talent pool and creating digital inclusion. The teamconsists of3000 full-time staff, with more than 50% being women. The companys initial investorsareOmidyar Network, Michael and Susan Dell Foundation, and Khosla Impact. Formore information, visit:www.imerit.net.

About CDC GroupCDC Group is the worldsfirst impact investor with over 70 years of experience of successfullysupporting the sustainable, long-term growth of businesses in Africa and SouthAsia. CDC is a key advocate for the adoption of renewable energy inAfrica and South Africa in the fight against climate change and a UK championof the UNsSustainable Development Goals the global blueprint toachieve a better andmore sustainable future for us all.The company has investments in over 1,200 businesses in emergingeconomies and a total portfolio value of 5.8bn. This year CDC will invest over$1.5bn in companies in Africaand Asia with a focus on fighting climate change,empowering women and creating new jobs and opportunities for millions ofpeople.CDC is funded by the UK government and all proceeds from itsinvestments are reinvested to improve the lives of millions of people in Africaand South Asia.CDCsexpertise makes it the perfect partner for private investors looking to devotecapital to making a measurable environmental and social impact in countriesmost in need of investment.CDC provides flexible capital in all its forms, includingequity, debt, mezzanine and guarantees, to meet businessesneeds.It can invest across all sectors, butprioritizes those that help further development,such as infrastructure,financial institutions, manufacturing, and constructions. Find out more atwww.cdcgroup.com.

Media ContactAndreaHeuer at Consort PartnersSan Franciscoandreah@consortpartners.com

For further information please contactAndrew Murray-Watson123 Victoria Street, London, SW1E 6DEM. +44 (0) 7515 695232amurray-watson@cdcgroup.com

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iMerit Leads off 2020 With New AI Innovation Initiatives and Funding - GlobeNewswire