Appen Invests in Synthetic Data Business Mindtech
March 08 2022 - 8:00AM
Business Wire
As the leader in data for the AI lifecycle,
Appen is investing in emerging training data sources.
Appen Limited, the global leader in data for the AI Lifecycle,
announced the investment in Mindtech, a synthetic data company
specializing in the creation of high-quality training data for AI
computer vision models. As part of the investment, Appen has formed
a commercial partnership agreement with Mindtech.
Mindtech is the creator of Chameleon, a self-serve platform that
enables customers to create and curate vast computer vision
synthetic data assets used to build accurate neural networks.
Mindtech’s customers include leading retailers and consumer
electronics companies.
“Mindtech has created a scalable platform for the generation of
large volumes of synthetic training data. The partnership between
Appen and Mindtech will provide customers with the ability to
curate a combination of real-world and synthetic data across a wide
variety of use cases,” shares Appen CEO Mark Brayan.
Synthetic data is an emerging component of the training data
market that is used to augment real-world data. It is particularly
useful for the creation of edge-case data that is difficult to
capture. The synthetic data market segment is forecast to grow to
$1.15B by 2027, representing 48% CAGR1.
“We’re excited about this strategic partnership with Appen,”
shared Steve Harris, CEO at Mindtech. “It’s going to enable more
customers to rapidly train their AI systems with high-quality,
precisely annotated synthetic data while complementing Appen’s
existing products of real-world data collection, management, and
annotation. By working in partnership, we’ll accelerate the
development of AI systems that better understand how humans
interact with each other and the world around them.”
The investment is a continuation of Appen’s strategy to deploy
capital into product-led businesses that generate new and emerging
sources of training data to support AI lifecycles.
In addition to the investment in and partnership with Mindtech,
Appen released their full-year earnings results on 24 February.
Revenue grew to $447M, cementing Appen’s position as the market
leader.
About Appen
Appen is the global leader in data for the AI Lifecycle. With
over 25 years of experience in data sourcing, data annotation, and
model evaluation by humans, we enable organizations to launch the
world’s most innovative artificial intelligence systems. Our
expertise includes a global crowd of over 1 million skilled
contractors who speak over 235 languages, in over 70,000 locations
and 170 countries, and the industry’s most advanced AI-assisted
data annotation platform. Our products and services give leaders in
technology, automotive, financial services, retail, healthcare, and
governments the confidence to launch world-class AI products.
Founded in 1996, Appen has customers and offices globally.
About Mindtech
Mindtech Global is the developer of the world’s leading
end-to-end synthetic data creation platform for the training of AI
vision systems. The company’s Chameleon platform is a step change
in the way AI vision systems are trained, helping computers
understand and predict human interactions in applications ranging
across retail, smart home, healthcare and smart city.
Mindtech is headquartered in the UK, with operations across the
US and Asia and is funded by investors including Mercia, Deeptech
Labs and In-Q-Tel.
1 Cognilytica Research Snapshot: Data Labeling Markets
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Christina Golden Global PR and Social Media Manager
cgolden@appen.com
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