Datagen will use the funding to develop its platform and enhance its sales and marketing efforts. Here are the top-line bullets you need to know.
Datagen, a data-as-a-service (DaaS) platform, has raised $50M in Series B funding. The round drew participation from Scale Venture Partners, TLV Partners, Viola Ventures, and Spider Capital Partners, among others.
How’s the company performing?
- Israel-based Datagen is the creator of a synthetic data platform that simulates real-world images for training computer vision systems and machine learning models.
- The company has witnessed 8x revenue growth in the past year.
- Datagen’s customer base currently includes several Fortune 100 companies and big tech companies.
- The company has offices in Tel Aviv and New York.
Source: Datagen
Why does the market matter?
- The global edge AI software market is projected to reach a value of $1.84B by 2026, growing at a CAGR of 20.8%, according to Markets and Markets.
- Increasing use of machine learning and AI across industries, rising use of enterprise workloads on the cloud, and accelerating growth of intelligent applications have contributed to industry growth.
- The switch to remote work, remote asset maintenance, and automation has given the industry a further boost.
