The benefits and opportunities presented by Artificial Intelligence (AI) are unequivocal, with the potential to impact every nook and corner of society. In general, to adopt AI in daily working practice, three crucial things are required – algorithms, computing, and data.
However, in today’s landscape, most organisations are facing data limitation constraints due to several reasons including privacy, cost and time. As a result, synthetic data is an increasingly popular tool for training deep learning models to accelerate the wider adoption of AI systems.
Based out of Sheffield, Mindtech Global aims to democratise the availability of AI training data through the creation and management of synthetic data.
Mindtech Global raises €2.77M
Recently, Mindtech Global has raised a $3.25M (approx €2.77M) funding in a round led by NPIF – Mercia Equity Finance, managed by Mercia, and is part of the Northern Powerhouse Investment Fund (NPIF), with Deeptech Labs and In-Q-Tel participating.
The company will use the funding to accelerate product development at its new engineering base in Sheffield and support its growing customer engagements across Europe, the US, and Asia.
Democratising training data
Mindtech Global is developing solutions around AI and visual processing. The company is on a mission to enable complete solutions for anyone who needs intelligent visual processing.
The company’s Chameleon platform helps computers understand and predict human interactions in applications ranging across retail, smart home, healthcare, and smart city.
The Chameleon platform enables the wider deployment of AI vision systems by democratising training data. Through the platform, customers can quickly build unlimited scenes and scenarios using photo-realistic 3D models. For example, the platform can imagine visual scenarios such as someone’s behaviour inside a store, or crossing the street.
These data are simulated and filmed, creating fully annotated synthetic images that can be used to train AI vision systems and address diversity and bias issues.
Steve Harris, CEO of Mindtech says, “Machine learning teams can spend up to 80 per cent of their time sourcing, cleaning, and organizing training data. Our Chameleon platform solves the AI training challenge, freeing the industry to focus on higher-value tasks like AI network innovation. This round will enable us to accelerate our growth, enabling a new generation of AI solutions that better understand the way humans interact with each other and the world around them.”
Mindtech Global is headquartered in the UK, with operations across the US and the Far East. Mindtech Global is backed by various investors including Mercia, Deeptech Labs and In-Q-Tel.