TL;DR:
- Synthetaic, an AI startup, secures $15 million in Series B funding led by Lupa Systems and TitletownTech.
- Notable participation from IBM Ventures and Booz Allen Hamilton.
- The company made waves previously by tracking a Chinese spy balloon’s path across the US using AI and satellite imagery.
- CEO Corey Jaskolski highlights the versatility of RAIC, the company’s analytics tool, in swiftly identifying objects within images.
- Synthetaic’s partnership with Microsoft Azure grants access to significant cloud compute resources.
- Collaboration with Planet Labs further enhances dataset access and analytical capabilities.
- Future endeavors focus on commercializing the technology for diverse industries.
Main AI News:
Synthetaic, an innovative AI firm specializing in the analysis of space and air sensor data, has successfully closed a $15 million Series B funding round, as revealed on Feb. 6. Spearheaded by Lupa Systems and TitletownTech, the investment also saw significant contributions from IBM Ventures and Booz Allen Hamilton.
Based in Wisconsin, Synthetaic garnered attention a year earlier for its groundbreaking utilization of artificial intelligence in conjunction with Planet Labs’ satellite image repository. This synergy enabled the independent tracking of the Chinese spy balloon’s trajectory across the United States until its interception.
Corey Jaskolski, CEO, and founder of Synthetaic, remarked, “Over the past year, we’ve demonstrated that with our platform, RAIC, the possibilities for data analysis are boundless. If it’s visible, RAIC can uncover it.”
RAIC, an acronym for Rapid Automatic Image Categorization, stands as Synthetaic’s flagship analytics solution. Notably, it possesses the capability to swiftly discern objects within images, a task traditionally demanding extensive human resources. Jaskolski emphasized its efficacy, particularly in scenarios where image datasets lack the scale for conventional AI model training.
The company’s repertoire encompasses the analysis of satellite imagery, full-motion video, drone captures, and infrared data. Powered by Microsoft Azure, RAIC leverages the cloud’s infrastructure to deliver robust performance. A recent collaboration with Microsoft has secured Synthetaic access to nearly 1 million hours of cloud compute resources over five years, fortifying its technological arsenal.
Furthermore, Synthetaic has solidified its partnership with Planet Labs, further enriching its dataset access and analytical capabilities.
Pioneering Market Integration
Looking ahead, Jaskolski articulated, “Our focus now shifts towards commercializing this technology, enabling enterprises across diverse sectors to unlock invaluable insights buried within their visual datasets.”
Jill Enos, Managing Director of TitletownTech and Synthetaic board member, endorsed the company’s mission, stating, “Synthetaic’s ability to extract actionable intelligence from vast repositories of image and video data represents a significant advancement, poised to revolutionize various industries.”
Thomas Whiteaker, Partner at IBM Ventures, echoed Enos’s sentiments, affirming, “This strategic investment aligns seamlessly with our AI-centric approach, underscoring the transformative potential of Synthetaic’s solutions.”
Conclusion:
Synthetaic’s successful Series B funding marks a significant milestone in the company’s journey, underscoring investor confidence in its AI-driven analytics solutions. As Synthetaic advances towards commercialization, industries stand to benefit from the unprecedented insights unlocked within their visual datasets, signaling a transformative shift in market dynamics towards enhanced data utilization and decision-making processes.
