Sky Engine AI, a London-based synthetic data cloud platform, has raised $7 million in a Series A funding round. The investment is aimed at supporting accelerated growth for the startup as it helps data scientists, machine learning, and software engineers working on computer vision projects.
Cogito Capital Partners led the funding round with new investors Edge VC and Taiwania Capital participating alongside existing backers including Movens Capital, High-Tech Gründerfonds (HTGF), and serial entrepreneur Charles Morgan.
Like other use cases and applications of synthetic data, Sky Engine AI’s raison d'être is clear — time is money. The process is traditionally time-consuming, expensive, and plagued with data that leads to unintended biases when it comes to training and validating AI models.
However, when employing synthetic data, that is, the AI-based creation of data that accurately resembles something that exists in the real world and has its characteristics but does not depict them directly, the timelines involved with the training and validating of AI models decrease dramatically.
With applications ranging from AI Drones and UAV navigation, to crowd analytics, to military simulation and training, Sky Engine AI leverages this synthetic data to help companies including Renault, Scania, Ericsson, Samsung, and Syngenta get to market faster and with greater accuracy.
According to the company, the last 18 months have seen a tripling of revenues, scaling the team to over 40 members, and continued development of partnerships with Nvidia and Microsoft.
“The pedigree of our investors speaks for itself: their experiences in scaling businesses that focus on vision AI will be indispensable at a time where similarly synthetic data is bringing so much immediate value in the real world. Sky Engine AI’s mission is to augment deep learning teams to create AI models that generalise better against unknown real-world data and with reduced algorithmic biases” - Sky Engine AI founder and CEO, Dr Bartek Wlodarczyk.
Lead image via Sky Engine AI.