Israeli data-as-code company, Datagen, announced last Wednesday the closure of a $50 million Series B funding round to cement its dominant position in the computer vision (CV) industry, one of the fastest-growing spaces in AI.
Capital investor Scale Venture Partners led the round alongside participation from existing investors that included TLV Partners, Viola Ventures, and Spider Capital. Andy Vitus, partner at Scale Venture Partners, joined Datagen’s board of directors.
This newest round has brought Datagen’s total funding to more than $70 million.
The capital will be utilized to match rising demand levels from the computer vision teams of global tech giants who use the company’s self-service synthetic data platform to streamline AI development and counterpart applications.
Datagen’s platform makes it easy for CV engineers to engage and adopt synthetic data by running Data Generation Units (DGUs) by the hour to generate the necessary data for their AI. Three out of the top five global tech giants to date are using Datagen’s platform to bring their AI products and solutions to market.
“As we enter a new, data-centric age of machine learning, a streamlined, operationalized data pipeline is poised to be the most lucrative piece of the machine learning puzzle,” said Vitus. “This is why we are placing our bets on Datagen, which is creating a complete CV stack that will propel advancements in AI by simulating real-world environments to rapidly train machine learning models at a fraction of the cost — this will fundamentally transform the way computer vision applications are developed and tested.”
Founded in 2018, Datagen rethinks how AI and machine learning teams collect the requisite data for computer vision network training. Rather than producing or sourcing scant 2D and 3D training data for CV AI development, the company provides simulated data technology, otherwise referred to as synthetic data, to help CV teams enter the market much quicker with applications in augmented reality, smart offices, automotive in-cabin monitoring, home security, and more.
“The need for robust, high-variance and high-performance training data will continue to grow exponentially as computer vision algorithms and their applications become more numerous and diverse,” said Ofir Zuk (Chakon), co-founder and CEO of Datagen. “Our mission is to enable every CV team with the best synthetic data solution to power the development of their AI applications.”