- Appen (APX) invests £2 million (A$3.6 million) in synthetic data company, Mindtech Global
- As part of the investment, the parties will form a commercial strategic partnership and CEO Mark Brayan will join the Mindtech Board
- Appen said the synthetic data market is expected to grow to $1.15 billion by 2027, representing 48 per cent compound annual growth rate
- Appen last traded at $7.09 per share
Appen (APX) has invested £2 million (A$3.6 million) in synthetic data company, Mindtech Global.
Mindtech created Chameleon, a self-serve platform that allows customers to create and curate vast computer vision synthetic data assets used to build accurate neural networks. Its customers include leading retailer and consumer electronic companies.
Synthetic data is an emerging component of the training data market that is used to augment real-world data.
Appen said the synthetic data market is expected to grow to $1.15 billion by 2027, representing a 48 per cent compound annual growth rate (CAGR).
As part of the investment, Appen and Mindtech have formed a commercial strategic partnership agreement.
The investment is in line with Appen’s strategy of investing in product-led businesses that generate new and emerging sources of training data to support artificial intelligence lifecycles.
Appen’s CEO Mark Brayan will join the Mindtech Board of Directors as part of the investment.
“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,” he said.
“The allocation of capital to a new and disruptive product-led business enables Appen to bring new solutions to our customers and evolve with market trends.”
Just before the market opens for the week, Appen last traded at $7.09 per share.