Mindtech Global, a leading AI company, has successfully raised £4.4m in funding to advance its innovative technology.
- The funding round was led by Edge, with contributions from Mercia Ventures and the Northern Powerhouse Investment Fund.
- Mindtech’s Chameleon platform addresses key challenges in AI development by creating diverse synthetic data.
- The latest investment will support expansion in crucial markets such as Japan, the US, and Europe.
- Mindtech’s Dolphin platform identifies and rectifies biases in training datasets, enhancing AI development.
Mindtech Global, a prominent AI company based in Sheffield, has successfully garnered a £4.4 million investment in a funding round led by Edge, with significant contributions from Mercia Ventures and the Northern Powerhouse Investment Fund. This injection of capital is poised to facilitate the company’s technological advancements and bolster its presence in strategically important markets such as Japan, the United States, and Europe.
The innovative Chameleon platform developed by Mindtech plays a pivotal role in surmounting a primary hindrance for AI developers: the acquisition of sufficient images and datasets. By employing advanced games technology, Chameleon creates a virtual world generating a broad spectrum of realistic images under varied conditions and environments. This aids in the training of AI systems to adeptly recognise humans and objects across diverse settings, thus addressing potential biases associated with conventional datasets.
The reduction in costs and development time, coupled with legal ownership and privacy compliance, are significant advantages provided by the Chameleon platform. Ensuring a diverse range of images also mitigates bias within AI frameworks, an essential factor for ethically responsible AI development.
Furthermore, Mindtech’s Dolphin platform focuses on optimising a company’s existing training databases by identifying and rectifying issues such as data bias, diversity deficits, and data sparsity. The introduction of the Dolphin platform reflects Mindtech’s commitment to enhancing AI training algorithms.
Originating from the vision of industry stalwarts, including Sir Hossein Yassaie, former CEO of Imagination Technologies, Mindtech’s team of approximately 25 employees deploys its technology across various sectors, including retail, healthcare, transportation, and robotics. As AI systems increasingly rely on synthetic data, projections by industry analyst Gartner suggest that by 2025, synthetic data will become predominant in AI training due to growing data scarcity concerns.
Mindtech Global’s funding and technological platforms exemplify its leading role in revolutionising AI training data solutions.