Delafield-based data company
Synthetaic has closed a $13 million Series A financing round that included an investment from Green Bay-based
TitletownTech. New York-based Lupa Systems led the funding round.
The money will be used to scale Synthetaic’s Rapid Automatic Image Categorization (RAIC) platform and continue to establish strategic partnerships to analyze some of the world’s most important data sets.
“The fact is that all of the AI being developed today are data hungry,” said
Corey Jaskolski, Synthetaic founder and chief executive officer. “Feeding AI with high-quality, labeled data, whether you are working in a data rich or data sparse environment is a huge challenge. It’s expensive and time-consuming, and the number one thing keeping us from applying AI more widely and more efficiently. Our platform solves that problem to help fast-track the world’s transition to practical AI.”
Data constraints have prevented certain applications of artificial intelligence due to the sheer amount of data that is often necessary to create valuable and reliable AI models – in some cases, datasets are private, incomplete, or sparse.
To solve this problem, Synthetaic combines high-fidelity 3D modeling and novel, generative AI, to grow large and high-quality datasets sufficient for machine learning.
In 2020, the company
raised $3.2 million. That round of funding also included an investment from TitletownTech. To date, Synthetaic has raised a total amount of $17.5 million.
The company has partnered with several organizations across industries including health care, geospatial AI, security and conservation. Synthetaic has worked with Climate TRACE to identify Concentrated Animal Feeding Operations (CAFOs) to estimate methane emissions; Michigan Medicine at the University of Michigan to classify rare brain tumors; the U.S. Air Force to rapidly extract key insights from geospatial data; and National Geographic to help identify and track rare species to safeguard against poaching.
Also announced this week is the addition of Lupa System’s
Ben FitzGerald to Sythetaic’s board of directors.
“The Synthetaic team has unlocked something very important with their RAIC technology,” said FitzGerald. “Organizations from defense to climate change to conservation need the ability to analyze data instantly and build new AI models just as fast. The current state of the art where AI models are trained from hand labeled data is expensive, time consuming, and increasingly outdated. This is the only team we’ve met with the vision and technical talent to create a scalable alternative.”
