Sythentic data platform provider Mindtech secures $3.7m in Appen-led investment round
Mindtech Global, the developer of a leading platform for the creation of synthetic training data for AI vision systems, has announced a strategic investment round led by Appen, a leading company in data for the AI Lifecycle.
This new investment round, including participation from Appen and existing Mindtech investors, follows a $3.25 million (£2.48m) funding round in July 2021 and will be used to support the company’s rapid growth.
In addition to the investment, Appen and Mindtech have formed a commercial partnership to provide a range of real and synthetic images and associated data and metadata annotation services to the market. It is hoped that combining Appen’s leadership in labelling real-world data with Mindtech’s end-to-end platform for the creation and management of synthetic data will accelerate the development of more accurate AI systems.
Mindtech’s platform, Chameleon, is highly complementary to Appen’s existing data and annotation services. Chameleon’s ‘no-code’ platform is designed for the creation and automated annotation of synthetic data to train human-to-human and human-to-world AI applications. Using Chameleon is more than 50 times faster than sourcing and annotating ‘real-world’ data.
Mark Brayan, CEO, Appen said: “Synthetic data is an invaluable resource in the training of AI models and when combined with real-world data, can enable outstanding results. We’re excited to partner with Mindtech as their automated end-to-end end synthetic data platform produces the right synthetic data for our customers, faster than competing solutions.”
Steve Harris, CEO at Mindtech, said: “We’re excited about this strategic partnership with Appen – it’s going to enable more customers to rapidly train their AI systems on scalable synthetic data while complementing Appen’s existing products in real-world data collection, management and annotation. By working in partnership, we’ll further accelerate the development of AI systems that better understand how humans interact with each other and the world around them.”