$7 million in Series A funding is raised by London-based Sky Engine AI for its synthetic data cloud platform. To facilitate expansion, Sky Engine AI has raised $7 million in Series A funding. For computer vision applications, data scientists and engineers can benefit from the synthetic data cloud platform.
A Series A fundraising round led by London-based Sky Engine AI, a synthetic data cloud platform, has garnered $7 million. The investment is intended to help the firm grow more quickly as it supports software engineers, data scientists, and machine learning professionals working on computer vision projects.
The investment round was led by Cogito Capital Partners, with participation from Movens Capital, High-Tech Gründerfonds (HTGF), and serial entrepreneur Charles Morgan in addition to new investors Edge VC and Taiwania Capital.
The purpose of Sky Engine AI, like other use cases and uses of synthetic data, is obvious: time is money. Traditionally, the process of training and verifying AI models has been laborious, costly, and beset by data that introduces inadvertent biases.
But the timescales for training and verifying AI models drastically shorten when synthetic data is used, i.e., when AI is used to create data that accurately mimics something that exists in the real world and possesses its features but does not portray them directly.
With uses ranging from crowd analytics to military simulation and training to AI drones and UAV navigation, Sky Engine AI uses this synthetic data to help businesses like Samsung, Renault, Scania, Ericsson, and Syngenta reach market sooner and more accurately.
The company claims that over the past 18 months, revenues have tripled, the team has grown to include over 40 people, and collaborations with Microsoft and Nvidia have continued to be developed.
Read More: Click Here