Mindtech Global secures £4.4M to scale its AI vision training platform, enhancing synthetic data creation for faster, smarter AI solutions
Mindtech Global, a leader in developing AI powered vision dataset analysis and synthetic data creation platforms for AI vision systems, has secured £4.4M in a funding round led by Edge and including Mercia Ventures, investing from its own funds and the Northern Powerhouse Investment Fund. This funding comes at a pivotal time, as Gartner forecasts that by 2025, synthetic data will account for the majority of data used in AI training due to growing concerns about data scarcity.
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The investment will allow Mindtech to leverage and enhance its unique platforms which minimise costs and time to market by generating actionable intelligence from their dataset analysis platform, Dolphin. This understanding of key dataset deficiencies such as sparsity, diversity and bias enables the creation of optimised synthetic datasets for efficient, effective training.
The company will also accelerate its presence in key markets such as Japan, the US, and Europe, scaling its sales operations globally, and continue partnerships with industry leaders to deliver cutting-edge AI vision solutions.
Fiona Dent, General Partner at Edge, said: “We are delighted to back Mindtech’s pioneering vision. Their ethical, GDPR-compliant, synthetic data platform solves the data scarcity issue highlighted by Gartner, enabling the promise of AI vision to be realised 10x faster than before.
Steve Harris, CEO of Mindtech, added: “This investment marks a pivotal moment for our company. With this support, we’re able to advance our technology and meet the growing demand for robust AI vision solutions across sectors.”
Ashwin Kumaraswamy of Mercia Ventures said: “The world is on the verge of a major shift in uptake of AI in computer vision. However, there is a lack of datasets for real-world scenarios and for all eventualities, as they are hard to come by and aren’t GDPR compliant. Mindtech is a leader in this emerging market and enables machines to be trained on synthetic datasets that are highly realistic, therefore it has the potential to be a key building block of vision AI infrastructure.”
Sir Hossein Yassaie, Chairperson of Mindtech, said: “We are thrilled to welcome Edge as a significant new funding partner alongside Mercia. This investment represents a crucial milestone for Mindtech, enabling us to advance our technology and drive substantial growth.”
Mindtech’s innovative solutions are impacting key industries, including retail, healthcare, transportation, and robotics. Its technology allows AI systems to address real-world challenges in areas such as safety, security, and human-machine interactions.
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