Founded in 2019, Rendered.ai offers a Platform as a Service (PaaS) for simulation-based engineered data for industries ranging from autonomous vehicles to robotics, life sciences, and satellite technologies.
Today, we are pleased to announce the close of a funding round, completing $6M in seed funding for Rendered.ai. Investment was led by Space Capital. Participating investors also included Tectonic Ventures, Congruent Ventures, Union Labs, and Uncorrelated Ventures.
The funding will help expand staffing and operations to scale up the Rendered.ai Platform as a Service (PaaS) that supports data scientists, engineers, and business innovators who want to use synthetic data to investigate, validate, and expand AI-based technology and business opportunities.
According to Fortune Business Insights, “the global Artificial Intelligence market is projected to grow from $47.47 billion in 2021 to $360.36 billion in 2028 at a CAGR of 33.6%” over that period. However, to reach that growth, users of AI must overcome significant issues such as:
- Gaps and biases in datasets used to train AI leading to inaccurate or inability to create and test AI systems
- Cost and difficulty in obtaining and preparing data for AI training and validation
- Lack of data to power innovation and ideation
- Use of ‘radioactive’ data that has PII and security issues
Overcoming these issues will require more than increased amounts of real-world data collection.
Synthetic data, engineered data generated through simulation of real-world scenarios, offers the ability to expand and supplement existing datasets that have gaps and issues. Synthetic data can also be used in cases where real sensor data simply can’t be obtained because sensors don’t yet exist or because it’s impossible to physically collect data.
We’ll be sharing more about Rendered.ai and the potential and use of synthetic data, but for now, please join us in celebrating and thanking our investors for helping us move to the next stage in delivering the industry-leading PaaS for synthetic data.