Synthesis AI raised $4.5 million round
07 April 2021Synthesis AI, a pioneer in synthetic data technologies, today announced $4.5 million in additional funding as they launch a synthetic data-as-a-service FaceAPI product. The round was backed by existing investors Leta Capital, Bee Partners, PJC, iRobot Ventures, Swift Ventures, Boom Capital and Kubera VC. Synthesis AI comes out of stealth mode to provide their unique approach to data generation for computer vision to a wider range of organizations and applications. The new capital will allow Synthesis AI to add to its world-class R&D teams and continue leading the industry in the development of synthetic data technologies.
With recent advances in deep learning, there are tremendous opportunities for companies to develop new and more capable AI-driven computer vision applications. However, traditional data collection and human dataset labeling approaches cannot keep pace, and enterprise companies are lacking access to high-quality and diverse machine learning training data.
Through a proprietary solution, Synthesis AI's platform is addressing industry needs by letting customers programmatically create vast amounts of perfectly-labeled, unbiased image data enabling the development of more capable models.
"Synthesis.ai is actively expanding the verticals of synthetic data. Its product is based on in-depth research into areas of synthetic data application and market conditions. Our thesis is that the demand for high-quality datasets continues to grow, and the use of synthetic data platforms in some cases is the only available option for obtaining such data. We believe the Synthesis.ai team is capable of taking leadership positions in this category," said Sergey Toporov, Partner at Leta Capital.
In addition to securing new funds, Synthesis AI is also launching their FaceAPI product, enabling the on-demand generation of millions of perfectly labeled human images to train more capable computer vision models. FaceAPI, which is now generally available and currently in use by major technology and handset manufacturers, will enable users to prototype, develop and test systems 100 times faster and cheaper than current approaches, while addressing ethical and privacy concerns often associated with facial computer vision. FaceAPI represents the first of many APIs to address various computer vision use-cases.
"We are excited to show this type of growth and momentum. Computer vision is set to explode as companies are currently gated by access to high-quality, diverse image data," said Yashar Behzadi, CEO of Synthesis AI. "From smartphones to teleconferencing, most devices in our daily routines rely on computer vision, but developing these models is arduous, expensive, and inefficient. Current approaches for human-centered data also face ethical issues related to the breach of consumer privacy and model bias related to gender & ethnicity. We pride ourselves on offering an ever-growing suite of enterprise grade on-demand image and label generation APIs to address the technical, economic and ethical issues with current approaches."
Synthesis AI's technology also scales in the cloud, from research and development phases with small amounts of data to production requirements of terabytes of data.
To learn more about Synthesis AI, visit https://synthesis.ai/.