AuraML Raises $230,000 In A Pre-Seed Funding Round
AI-based image data platform AuraML has raised $230,000 (Rs 1.8 crore) in a pre-seed funding round from Indian Angel Network (IAN).
As per the startup, the freshly raised funds will be used for product development, hiring talent and geographical expansion in the US and European markets.
AuraML | Synthetic Image Dataset Generation Cloud Platform
Launched in January this year by Ayush Sharma and Arjun Gupta, AuraML is a Bengaluru-based startup that provides a synthetic data platform enabling computer vision teams to generate synthetic image datasets in a cost-effective and time-saving manner.
The startup offers a unified platform for real and synthetic dataset needs with automated labelling and a proprietary synthetic data rendering engine.
Speaking about the development, Ayush Sharma, Co-founder of AuraML, said,
“This investment will help us take the technology from a prototype to a fully functioning product. We plan to utilize these funds to hire our founding engineering team, develop technologies and expand our global presence in the US and European markets. This funding will also help us work on building generative AI-based intellectual property (IP).”
The Bengaluru-based startup has developed a proprietary synthetic data engine and is currently running closed projects with its initial customers. As per the startup, its key focus areas for the next year are developing synthetic datasets for computer vision, specifically targeting autonomous robots, warehouse and logistics automation and Industry 4.0 use cases.
Commenting on the development, 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.”
In recent times, a lot of AI startups across categories have raised funding. Recently, Cognecto, an Internet-of-things solutions provider, has raised Rs 4 Cr in a seed funding round led by Inflection Point Ventures.
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