AI.Reverie Secures $5.6 Million Financing Led by Vulcan Capital
Synthetic data company to accelerate product development and hiring to match ramping demand
NEW YORK–(BUSINESS WIRE)–AI.Reverie, the computer vision company that generates synthetic data to train algorithms, today announced that it has completed a $5.6 million equity round of financing. Vulcan Capital led the round, and other institutional investors included Compound, In-Q-Tel, Resolute Ventures, SGInnovate, TechNexus and Triphammer Ventures. The investment brings AI.Reverie’s financing since launch to over $10 million and will fuel revenue growth through talent and product expansion. YB Choi of Vulcan Capital joined AI.Reverie’s Board of Directors.
The funding builds on an exceptional year for AI.Reverie, which rapidly grew its client roster across government agencies and Fortune 500 clients. Their platform propelled projects in Defense, Retail, Smart Cities, Industrials and Agriculture including airport simulation, weapons detection, cashier-less shopping and delivery bots. Expert investors signaled confidence that AI.Reverie’s pioneering technology works, and the company will release several important benchmarking studies in the coming months that verify the impact of its synthetic data.
“We have now seen our technology solve the real challenges of a broad client base,” said Daeil Kim, co-founder and CEO. “Our platform is fine-tuned and ready to grow.”
Synthetic data resolves two crucial roadblocks to growth and adoption of machine learning in computer vision: data diversity and labeling. Training algorithms to see requires a great variety of images and video footage in which subject matter is meticulously labeled — but traditional, manual labeling typically imposes significant cost and production time.
AI.Reverie provides another option: it leverages gaming technology and machine learning techniques to procedurally generate a diverse range of labeled images and videos at scale.
“Data is the driving force of value for computer vision, which is now mission critical to many major industries, and synthetic data holds the potential to transform the way computer vision algorithms are trained,” said YB Choi, partner at Vulcan Capital and incoming board member of AI.Reverie. “We look for companies that can bring disruptive technologies to extremely large markets and have seen AI.Reverie create a more efficient and effective source of data. This company has captured the lead in a potentially explosive new field.”
The AI.Reverie synthetic data platform creates a virtually endless supply of annotated images and videos to accelerate computer vision and machine learning by lowering the cost of training while improving the quality, diversity, and accuracy of metadata.
About Vulcan Capital:
Vulcan Capital is the private investment arm of Vulcan Inc., the company founded by Paul G. Allen in 1986 to manage his business and philanthropic initiatives. Vulcan Capital is focused on generating long-term value appreciation across a multibillion dollar portfolio, which spans diverse industry sectors and investment asset classes.
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