- Synthetaic recently announced it raised $13 million. These are the details.
Synthetaic — an end-to-end AI company — recently announced that it had closed a $13 million Series A financing round led by Lupa Systems and with participation from TitleTown Tech, Betaworks, Booz Allen Hamilton, and Esri. The funding will be used to scale Synthetaic’s groundbreaking Rapid Automatic Image Categorization (RAIC) platform and continue establishing strategic partnerships to analyze some of the world’s most important data sets. Lupa Systems’ Ben FitzGerald has also joined Synthetaic’s Board of Directors.
Synthetaic offers organizations with an end-to-end pipeline for AI-enabled solutions without the traditional dependency on human-labeled data, thereby allowing for AI insights in minutes instead of after months of human annotation. Synthetaic’s flagship technology, RAIC, enables rapid object labeling, AI modeling, and solution deployment by analyzing large, multidimensional imagery datasets, and allows both experts and non-experts to build and run detection AI models in minutes.
By utilizing RAIC and their end-to-end AI pipeline, Synthetic is able to solve AI’s underlying data problem. Synthetaic’s platform can rapidly train and deploy AI models that outperform the speed and accuracy of traditional approaches, building models in mere minutes that are on par with state-of-the-art hand-labeled models.
Synthetaic has partnered with a number of organizations across industries, including healthcare, geospatial AI, security, and conservation. And the company has worked with Climate TRACE to identify CAFOs to estimate methane emissions; Michigan Medicine at the University of Michigan to classify rare brain tumors; the US Air Force to rapidly extract key insights from geospatial data; and National Geographic to help identify and track rare species to safeguard against poaching.
The Series A funding round will help Synthetaic grow its team and scale its cloud and generative AI technologies which fuel RAIC. And the company will also leverage these funds to support strategic technology partnerships currently underway and in their pipeline. The $13 million Series A round brings Synthetaic’s total amount raised to $17.5 million.
KEY QUOTES:
“The Synthetaic team has unlocked something very important with their RAIC technology. 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.”
— Ben FitzGerald at Lupa Systems
“The fact is that all of the AI being developed today are data hungry. 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 fasttrack the world’s transition to practical AI.”
— Corey Jaskolski, Synthetaic Founder and CEO
