Data-Centric AI Company Raises $50M in Funding – Metrology and Quality News

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Datagen, a company specializing in computer vision artificial intelligence, announced that it has raised $50 million in a Series B funding round bringing its total funding to $70 million.

Computer vision (CV) has quickly become ubiquitous in many industries, including manufacturing, agriculture and more, and it supports technologies such as augmented reality, self-driving vehicles and facial recognition. As a subset of AI, it allows computers to learn and understand the visual world through digital images and videos. CV applications are able to classify, detect, and differentiate real-world objects when trained through deep learning models.

One of the problems with CV technology is the lack of sufficient training data for these deep learning models. Datagen noted the findings of a commissioned report which revealed that 99% of CV teams lacked the training data needed for machine learning projects, which ultimately led to their cancellation. A solution to this is to use synthetic data for training, a method reportedly used by 96% of the teams in the same study. Synthetic data is data generated by simple rules, statistical modeling, or simulation, as opposed to real-world data collected manually, and Gartner predicts that in a few years, 60% of the data used in AI and analytics applications will be synthetic.

Specifically for CV applications, Datagen says synthetic data “avoids the need to produce or procure rare 2D and 3D training data for computer vision AI development.”

Datagen’s self-service platform is focused on CV teams and their synthetic data needs, and its “unique offering allows CV engineers to easily engage and adopt synthetic data by running data generation units (DGUs) on time to produce the data for their AI needs. For the first time, buying synthetic data is as easy as buying cloud computing resources.

Datagen was co-founded in 2018 by CEO Ofir Chakon and CTO Gil Elbaz, computer vision specialists who saw an opportunity for AI-based simulations in the field. “We knew that performance grows with data in the era of deep learning, and manual data acquisition is the biggest bottleneck preventing the industry from accelerating orders of magnitude,” Chakon said.

The company bills itself as a “data-as-code leader” and says data-as-code is a new paradigm in AI development because synthetic data enables AI models to be pure code products, enabling “data-centric AI”. ‘ This ‘transforms heavy operational processes into a seamless, easy-to-control programmable interface’, leading to more automation and collaborative capabilities. The company says its data-centric platform saves data scientists time and critical resources by eliminating the need to manually search and annotate training data.

Datagen claims 8x growth in total revenue driven by increased demand for its synthetic data solutions, and it claims that several “global tech giants” and Fortune 500 companies are using the platform for AI production needs.

“The need for robust, high-variance, high-performance training data will continue to grow exponentially as computer vision algorithms and their applications become more numerous and diverse,” Chakon said. “Our mission is to empower every CV team with the best synthetic data solution to power the development of their AI applications. This is why we are honored to welcome Scale VP to the community of our renowned investors. With today’s new funding, we’re ready to accelerate growth and take the market by storm. »

For more information: www.datagen.tech

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