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DEEP RESEARCH · SelectStar/Datumo

SelectStar (Datumo): From Data Services To AI Trust SaaS

A review of the 320,000+ worker network, Datumo Eval, Salesforce Ventures funding, and the 2026 IPO roadmap

Date: 2025-09-12 · AI data, LLM evaluation, and private-growth-company analysis · Original Naver Blog post

Investment decisions are your own responsibility. This material is research and is not a recommendation to buy or sell.

0. Bottom line first

The key change is SelectStar’s move from labor-intensive data construction toward AI trust and safety evaluation SaaS. The KRW 20.5 billion Series B round, including Salesforce Ventures, is strong external validation of that pivot.

Official fact: The source describes SelectStar, globally branded as Datumo, as having more than 320,000 crowd workers, patent-based data-quality technology, and customers or partners including Naver, Samsung, and SK Telecom.

Official fact: In August 2025, the company raised KRW 20.5 billion in Series B funding with Salesforce Ventures participating. Cumulative funding is presented as KRW 37.9 billion, about USD 28 million. The company is preparing for a 2026 technology-special-listing IPO.

Interpretation: The thesis depends on whether domestic data-service cash flow and credibility can be converted into global enterprise SaaS growth through Datumo Eval.

SelectStar growth architectureFrom service foundation to SaaS expansion
AI training dataCollection, labeling, sales, CashMission
LLM evaluationDatumo Eval, trust and safety
Integrated solutionsRAG data structuring and consulting
Global expansionU.S. and Japan, Salesforce network
The 2026 IPO story depends on global SaaS execution

1. Business Model: Three Pillars

Official fact: The first pillar is AI training data. It covers planning, collection, processing/labeling, and sales of high-quality data needed for AI model development, and has served as a cash generator since the company’s early days.

Official fact: The second pillar is LLM trust and safety evaluation. Datumo Eval, launched in early 2025, automates processes to test risks such as hallucination, bias, and brand-reputation damage.

Official fact: The third pillar is integrated AI solutions, including RAG data structuring and consulting. The source also mentions Shinhan Bank’s LLM reliability-standard design and government R&D projects.

DATA

Project revenue

The company conducts data collection and labeling projects for more than 300 corporate customers.

SAAS

Subscription revenue

Recurring revenue from Datumo Eval is presented as a key driver of future margin improvement.

DATASET

Dataset sales

Prebuilt datasets, including Korean-language specialized data, are another revenue source.

2. Moat: Technology, Network, Reputation

Official fact: The source mentions patent 10-2333644-0000 for a worker reliability-evaluation algorithm and patent 10-2114223-0000 for a deep-learning algorithm that detects similar data.

Official fact: The CashMission-based pool of more than 320,000 crowd workers allows diverse data tasks to be processed quickly, and more projects create more rewards, which can attract more workers.

Official fact: The company built industry leadership through an Andrew Ng conference, Korea’s first generative-AI red-team challenge, and leading the data part of the SKT consortium in a government foundation-model project.

Interpretation: The most important moat is the dual strategy: domestic data-service trust plus a global evaluation SaaS brand. Existing customers provide cash flow and references, while Datumo targets a larger SaaS valuation profile.

3. Growth And Funding

PeriodEventStrategic meaning
2018Founded by six KAIST alumni; won KAIST E5 startup competitionEarly technical credibility and seed validation
2019Launched CashMission, selected for TIPS, built KorQuAD 2.0 datasetCore platform and national-project validation
2021Selected for Samsung C-Lab Outside, top matched provider in data voucher programEnterprise and public-sector validation
2023AI Talk with Andrew Ng, KorNAT benchmarkFoundation for LLM evaluation business
2024Hosted generative-AI red-team challengeStrengthened AI-safety leadership
2025Launched Datumo Eval, GSMA global red-team challenge, Forbes Asia 100 To Watch, KRW 20.5bn Series BGlobal SaaS transition and expansion capital
RoundTimingAmountMajor investors
Seed/Pre-A2019.07, 2019.10KRW 900mKakao Ventures, TIPS
Series AEstimated 2021KRW 4bnKakao Ventures, CJ Investment, Nau IB, Company K Partners, Kolon Investment
Series B2025.08KRW 20.5bnKB Investment, Shinhan Venture Investment, Kiwoom Investment, SBI Investment, Samsung Securities, Salesforce Ventures, ACVC Partners, and others

Interpretation: The investor composition matches the growth stages. Technology VCs validated the idea, financial VCs joined after enterprise and financial-sector traction, and Salesforce Ventures entered at the global SaaS stage.

4. Competition And Differentiation

CategorySelectStar (Datumo)CrowdWorksAIMMOScale AI
ModelService plus product/SaaS transitionService centered, platform offeredService centered, domain-specific solutionsService plus platform, LLM evaluation
Core technologyDatumo Eval, data-quality patentsWorksOne SLM, data platformAIMMO CoreLLM evaluation and data engine
Network320,000+ crowd workersLarge worker poolSpecialist workforce centeredGlobal worker network
MarketKorean enterprise, U.S./Japan SaaSKorea centeredGlobal domains such as autonomous driving and smart factoryU.S. big-tech centered

Interpretation: Compared with Scale AI, SelectStar is weaker in capital and U.S. market incumbency. Its opportunity is specialization in Korean and non-English data, a lower cost structure, and enterprise access through Salesforce.

5. IPO And Risks

Official fact: The source says the company declared 2025 the first year of overseas market entry, and co-founder Minyoung Hwang is based in Silicon Valley to lead local market research and networking. The KRW 20.5 billion funding is planned for automated evaluation-tool R&D and global go-to-market execution, and headcount is planned to expand from 60 to 150.

Official fact: SelectStar targets a 2026 technology-special-listing IPO and selected Daishin Securities as lead underwriter in June 2023. Annual 2025 revenue of KRW 12 billion is presented as a milestone.

Official fact: The source says publicly available materials do not confirm convertible bonds or bonds with warrants, and that financing appears to have been equity-style funding such as RCPS.

Interpretation: The major risks are overhang, profitability and burn rate, global execution, technology change, competition with Scale AI, and dependence on key founders. Ultimately, IPO quality will likely depend on Datumo Eval’s overseas revenue, ARR, and U.S./Japan customer wins.

Sources

Naver original