Mindtech Global, developer of the world鈥檚 leading platform for the creation of synthetic training data for AI vision systems, has announced a strategic investment round led by Appen, the global leader in data for the AI Lifecycle.
This new investment round, including participation from Appen and existing Mindtech investors, follows a $3.25 million funding round in July 2021 and will be used to support the company鈥檚 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. Appen鈥檚 leadership in labelling real-world data combined with Mindtech鈥檚 end-to-end platform for the creation and management of synthetic data will accelerate the development of more accurate AI systems.
Mindtech鈥檚 platform, Chameleon, is highly complementary to Appen鈥檚 existing data and annotation services. Chameleon鈥檚 鈥榥o-code鈥� 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 鈥榬eal-world鈥� data.
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Mark Brayan, CEO, Appen said, 鈥淪ynthetic data is an invaluable resource in the training of AI models and when combined with real-world data can enable outstanding results. We鈥檙e 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.鈥�
Steve Harris, CEO at Mindtech said, 鈥淲e鈥檙e excited about this strategic partnership with Appen – it鈥檚 going to enable more customers to rapidly train their AI systems on scalable synthetic data while complementing Appen鈥檚 existing products in real-world data collection, management and annotation. By working in partnership, we鈥檒l further accelerate the development of AI systems that better understand how humans interact with each other and the world around them.鈥�
