AuraML, a synthetic image data platform for computer vision and robotics, has raised USD 230,000 in pre-seed funding from Indian Angel Network (IAN). Uday Sodhi, Neeraj Saran and KRS Jamwal, the lead angel investors from IAN led the round.
The company, in a statement, said that it intends to utilise the investment to optimise its synthetic data generation engine, hire its founding engineering team and expand its footprints in the US and European markets. AuraML also plans to use the capital for the official launch of its cloud platform in the coming months. Additionally, the startup is focusing its efforts on building cutting-edge generative AI-based IP. Ayush Sharma and Arjun Gupta founded the startup in January 2023.
Ayush Sharma, CEO, AuraML, said, “This investment will be a key accelerator for us to take the technology from a prototype to a fully functioning product. We plan to utilise these funds to hire our founding engineering team, develop core technologies and expand our global presence in the US and European markets. This funding will also help us work on building cutting-edge generative AI-based IP.”
Padmaja Ruparel, IAN, said, “Even in today’s digitally-driven times, the data collection and labeling process is completely manual. Millions of images need to be labeled by humans for training computer vision algorithms. This costs companies a lot of time and money. Additionally, the challenges related to data privacy and sharing and data collection of rare cases cannot be ruled out. AuraML, with its synthetic image data platform, is on a mission to offset all these concerns and improve the accuracy of the ML models, thereby allowing complete control over the generated dataset. As they have embarked on a new journey, we are happy to help them grow and support them in all ways possible.”
Headquartered in Bengaluru, AuraML has developed a proprietary synthetic data engine and is currently running closed projects with its initial customers. Its key focus areas for the next year are developing synthetic datasets for computer vision particularly targeting autonomous robots, warehouse and logistics automation and Industry 4.0 use cases.
Synthetic data market share was valued at USD 163.8 million in 2022 and is projected to reach USD 3.5 billion by 2031, growing at a 35.8 per cent CAGR. It is expected that synthetic data will completely replace real data as the main source of training ML models in the future.