Israeli simulated data platform Datagen has announced the completion of a $50 million Series B financing round led by new investor Scale Venture Partners, with participation from existing investors TLV Partners, Viola Ventures and Spider Capital. This brings to $70 million the total amount raised by the company to date.
Datagen has developed a data-as-code platform for computer vision artificial intelligence (AI). The company says that the latest investment will enable it "to bolster its leadership position in the nascent computer vision (CV) space, which as one of the fastest growing fields within AI, computer vision is becoming a fully-fledged, market-tested industry in need of a proper infrastructure stack to help supercharge the development of AI and its most imminent applications."
Datagen reports that revenue has grown eight-fold over the past year with three of the top five global tech giants, who are using Datagen to bring their AI products and solutions to market.
Datagen was founded in 2018 by CEO Ofir Zuk (Chakon) and CTO Gil Elbaz. The company’s simulated data (a form of synthetic data) technology obviates the need for producing or sourcing scant 2D and 3D training data for computer vision AI development.
Zuk said, "The need for robust, high-variance and high-performance training data will continue to grow exponentially as computer vision algorithms and their applications become more numerous and diverse. Our mission is to enable every CV team with the best synthetic data solution to power the development of their AI applications."
Published by Globes, Israel business news - en.globes.co.il - on March 24, 2022.
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