""There is an argument that Goldman Sachs doesn't love the idea of having models that are able to automate their value chain," said Foody, using the Wall Street giant as an example. "It definitely shifts the competitive dynamics, and that's part of the reason that the labs need us. Their customers don't want to give them data to automate large portions of their value chains,""
"Foody, the 22-year-old co-founder of Mercor, says his startup pays industry experts up to $200 an hour to fill out forms and write reports for AI training. The company now has tens of thousands of contractors and says it doles out more than $1.5 million to them every day. Still, Foody says the startup remains profitable because AI labs are willing to pay even more for that valuable data."
Mercor operates a marketplace that connects former employees of investment banks, consulting houses, and law firms with AI labs seeking to automate industry workflows. The platform recruits tens of thousands of contractors who complete forms and write reports for model training and can be paid up to $200 per hour. Mercor reports distributing more than $1.5 million to contractors daily and generating roughly $500 million in annualized recurring revenue within three years. The company counts customers including OpenAI, Anthropic, and Meta and recently raised funding valuing the business at about $10 billion.
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