Snorkel AI, a data-centric AI platform company powered by programmatic data labeling, has announced $85 million in Series C funding, bringing the total funding raised to $135 million. Snorkel AI is now valued at $1 billion, making it one of the few companies in the AI industry to reach a billion-dollar valuation in two years.

The new round was co-led by Addition, a new investor in Snorkel AI, and funds and accounts managed by BlackRock, a previous investor. Other previous investors Greylock, GV, Lightspeed Venture Partners, Nepenthe Capital and Walden also participated.

The new funding will enable Snorkel AI to bring the transformative impact of data-centric AI to more enterprises around the world.

The company plans to continue scaling its engineering team, which includes engineers from Apple, Facebook, Google, Microsoft and NVIDIA, so that it can continue to aggressively innovate for customers around the world, as well as its go-to-market team to drive successful AI adoption.

With Snorkel AI’s flagship product, Snorkel Flow, organizations have achieved machine learning model accuracy and reduced development time to days as opposed to months. For example, a top 3 US bank used Snorkel Flow to develop a contract processing application with more than 99% accuracy in less than 24 hours.