Mindtech Global, a developer of the end-to-end synthetic data creation platform for training AI vision systems, has announced closing a $3.25 million funding round.
The round was led by NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund (NPIF)*, with Deeptech Labs and In-Q-Tel participating. The investment will enable the company to accelerate product development at its new engineering base in Sheffield UK and support its growing customer engagements across Europe, the US and Asia.
Nat Puffer, Managing Director (London), In-Q-Tel said, “Mindtech impressed us with the maturity of their Chameleon platform and their commercial traction with global customers. We’re excited by the many applications this platform has across diverse markets and its ability to remove a significant roadblock in the development of smarter, more intuitive AI systems.”
Steve Harris, CEO, Mindtech said, “Machine learning teams can spend up to 80% 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 ofAI solutions that better understand the way humans interact with each other and the world around them.”
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