Datagen, the data-as-code leader for computer vision AI, today announced the closure of a $50 million Series B financing round led by new investor Scale Venture Partners. The round also included participation from existing investors TLV Partners, Viola Ventures and Spider Capital. Andy Vitus, partner at Scale VP, will join Datagen’s Board of Directors.
According to a recent industry survey, 99% of computer vision (CV) teams reported having had a machine learning project completely cancelled due to insufficient training data. This has led to more CV teams (96%) using synthetic data in some proportion to train computer vision models. Moreover, Gartner recently predicted that the use of synthetic data will rise saying that “by 2024, 60% of the data used for the development of AI and analytics projects will be synthetically generated." As CV as a fully-fledged, market-tested industry is becoming one of the fastest-growing fields within AI it needs a proper infrastructure stack to help the development of AI and its imminent applications. What the industry needs is robust, high-variance and high-performance training data, and this need will only continue to grow as computer vision algorithms and their applications become more numerous and diverse.
Buying synthetic data
Datagen's mission is to fill this market gap; they want to enable every CV team with the best synthetic data solution to power the development of their AI applications– to reinvent how AI/ML teams gather data needed for computer vision network training. Datagen is creating a complete CV stack that will propel advancements in AI and fundamentally transform the way CV applications are developed and tested with their self-service synthetic data platform. By providing a self-service platform for CV teams, Datagen makes it easy for those responsible for developing and testing AI products to obtain and use synthetic data by allowing engineers to engage and adopt synthetic data. They do so by running Data Generation Units (DGUs) by the hour, to produce the data their AI needs. The company’s unique simulated data (synthetic data) technology removes the need for producing or sourcing scant 2D and 3D training data for computer vision AI development, thus eliminating time-consuming, resource-intensive steps so that CV teams can get to market faster with applications.
Datagen has seen exceptional growth since its inception with 8 times the growth in revenue. The new capital will be used to expand their team and accelerate the product so that it can continue to meet the growing demand of the market. Datagen was founded in 2018 by Ofir Zuk (Chakon)(CEO) and Gil Elbaz (CTO).