Monday, May 20, 2024

Datagen Closes $50M Funding Round

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TEL AVIV, Israel and NEW YORK — The synthetic data company Datagen secured an additional $50 million in funding. 

Datagen closed its Series B financing round, which was led by new investor Scale Venture Partners, with participation from existing investors TLV Partners, Viola Ventures and Spider Capital, according to the company last month.

Andy Vitus, a partner at Scale Venture Partners, joined Datagen’s board of directors.

The funds will help Datagen “bolster” its position as a synthetic data provider in the computer vision (CV) market, supporting AI applications. 

See more: The Artificial Intelligence Market

Datagen considers computer vision to be one of the fastest-growing segments of artificial intelligence (AI). The computer vision market needs a “proper infrastructure stack” for AI development. 

To date, Datagen, founded in 2018, has raised over $70 million in financing.

See more: Database-Tuning Platform Launches and Secures $2.5M in Funding

“The need for robust, high-variance, and high-performance training data will continue to grow exponentially, as computer vision algorithms and their applications become more numerous and diverse,” said Ofir Chakon, co-founder and CEO, Datagen.

“Our mission is to enable every CV team with the best synthetic data solution to power the development of their AI applications.”

Chakon said the latest funding leaves Datagen ready to “accelerate growth and take the market by storm.” 

Vitus with Scale Venture Partners said that as the market enters a “data-centric age of machine learning, a streamlined, operationalized data pipeline is poised to be the most lucrative piece of the machine learning puzzle.”

“This is why we are placing our bets on Datagen,” Vitus said. “The potential impact of what Datagen has to offer, across a broad range of applications, is staggering.”

See more: Top Performing Artificial Intelligence Companies

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