NEW YORK (PRWEB) May 08, 2018
AI.Reverie, a leading provider of synthetic data to train machine learning algorithms, today emerged from stealth mode by officially launching its proprietary simulation platform to help businesses improve their machine learning algorithms. In addition, the company secured Seed funding led by Resolute Ventures with participation from Vulcan Capital, Compound and Locke Mountain Ventures.
The demand for AI applications has resulted in an insatiable hunger for data, which at scale is often proprietary, expensive, and time consuming to manually prepare. AI.Reverie believes that the best way to deal with these challenges is with synthetic data — data created in a virtual world rather than collected from the real world at a fraction of the cost. By simulating the real world, our virtual world creates synthetic data that is as good as, and sometimes better than, real data. As our virtual world becomes more photorealistic, its usefulness for training machine learning algorithms dramatically increases.
Key advantages of AI.Reverie’s platform include:
- Offering a suite of data and vision APIs - Helps businesses that do not have the in-house AI expertise.
- Scaling by using geospatial data - Not limited by the traditional bottlenecks of creating simulations.
- Addressing edge case scenarios - Real world data has limitations, but synthetic data opens up opportunities.
- Implementing across many different industries - Allowing all verticals to benefit from the advancement of AI.
“We believe that simulation and synthetic data will become the de facto scalable solution to provide the massive amounts of data required to improve the performance of vision algorithms,” said Daeil Kim, founder and CEO of AI.Reverie. “Our mission to become the market leader is driven by our ability to generate photorealistic synthetic data to support the vision needs of many different industries at scale and low cost. We are honored to gain the support of industry leading investors as we execute our strategy of significantly advancing AI by using our platform.”
“AI.Reverie has the team and platform to propel AI given the significant need for data to perfect vision algorithms. With its proprietary synthetic database and simulation platform, AI.Reverie will be able to accelerate the performance of vision algorithms across many vertical markets, at scale and low cost and we are excited to be their partners,” said Raanan Bar-Cohen, Co-Founder at Resolute Ventures.
AI.Reverie is a simulation platform that trains AI to understand the world. We offer a suite of synthetic data and vision APIs to help businesses across different industries train their machine learning algorithms and improve their AI applications, so that together, we make cities smarter, farms sustainable, homes safer, tasks easier, and life fuller. To learn more about AI.Reverie, visit https://www.aireverie.com/
About Resolute Ventures:
Resolute Ventures is a lead investor for founders at the very beginning of their journey. Founded in 2011, Resolute manages over $165 million and invests in seed stage founders across a range of industries including consumer services, e-commerce and enterprise technology. Our past and present founders form a strong and engaged network committed to helping each Resolute Founder succeed. Resolute is based in Silicon Valley, with a presence in Los Angeles, New York, Boston and Canada - and has backed such companies as Bark & Co, Clutter, Greenhouse, Open Door, Signifyd, and AppZen. To learn more about Resolute Ventures, visit http://www.resolute.vc
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, ranging from early-stage venture investments to public equity value investing, leveraged buyouts, acquisitions, and distressed situations. To learn more about Vulcan Capital, visit https://capital.vulcan.com/
Compound is a venture capital firm that invests in bleeding-edge technology being built by outliers.