Neurolabs raises $3.5 million ‘to democratise computer vision’
UK-based synthetic computer vision startup Neurolabs has announced a $3.5 million seed round led by LAUNCHub Ventures and with Lunar Ventures, Techstart and 7% Ventures as co-investors.
It plans to use the cash to scale operations and expand its offering into several consumer packaged goods use cases.
The company uses digital twins of retail products to train computer vision models to detect those products in the real world. This helps retailers and CPG brands automate organisation wide, visual-based processes such as shelf monitoring in their physical stores.
“Generating synthetic data doesn’t automatically translate into working computer vision algorithms. It’s a learning process in itself and we have been perfecting it for more than two years now,” says CEO and Founder Paul Pop.
“We are amassing the largest 3D product repository in retail, aiming to reach over 100,000 products this year. The sky's the limit: a streamlined process of adding any existing product to our database in minutes is in place.”
“It’s obvious that synthetic data is the most efficient way to train your algorithms and quickly develop computer vision applications,” says Stan Sirakov, General Partner at LAUNCHub Ventures. “The Neurolabs team has proven a strong edge in object detection in different industry applications.”
‘While the Teslas and Googles of this world can pour into their AI operations their unmatched financial and human resources to develop next stage consumer products like self-driving cars, there are a plethora of non-tech industries that are ripe for the latest automation technologies but struggle with adoption.”
“With an end-to-end solution so easy to implement, we see it as a way to democratise computer vision.”
