Synthetic data start-up Neurolabs raises €3 million

UK synthetic data start-up Neurolabs has raised €3 million in a seed funding round.

The Edinburgh-based firm produces synthetically generated data to help companies, such as retailers, develop object recognition models more efficiently.

Neurolabs claims their “synthetic data” represents a cheaper alternative for training AI systems compared to harvesting real world data.

The firm says its solution enables software engineers or “citizen developers” to build computer vision solutions “as easily as building a website”.

The round was led by LAUNCHub Ventures with participation from Lunar Ventures, Techstart, and 7% Ventures.

Neurolabs said it will use the cash to scale its operations and expand its offering into several consumer-packaged goods use cases.

This brings the start-up’s total funding since 2019 to $4.9 million.

“Generating synthetic data doesn’t automatically translate into working computer vision algorithms. It’s a learning process in itself and we have been perfecting it for more than two years now,” said chief executive and founder at Neurolabs Paul Pop. “We are amassing the largest 3D product repository in retail, aiming to reach over 100,000 products this year.”

He added: “The sky's the limit: a streamlined process of adding any existing product to our database in minutes is in place.”

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