Following the investment, Mick Halsband from Lunar Ventures will join the board at the startup, which has offices in Edinburgh and Cluj, Romania. The firm also plans to hire additional staff for its Edinburgh office later this year.
ID4 Ventures, 7percent Ventures, Charles Songhurst and Andreas Weise also participated in the funding round, Neurolabs confirmed.
Commenting on the funding announcement, Neurolabs CEO & co-founder Paul Pop said: “I want to thank our team for the hard work they’ve put in to get us where we are today.
“Like most companies, we’ve hit a rough patch at the start of the pandemic and we wouldn’t have made it without each and every individual contribution.”
Pop added: “From this day forward, we’ll be backed by a great group of investors that understand at a deep level the vision behind our technology.”
Neurolabs is an early-stage startup focusing on the use of synthetically-generated data to develop object recognition models in a faster, cheaper manner.
By substituting the expensive real-world data required to train computer vision algorithms with synthetically-generated data, the firm hopes to provide massive, low-cost data sets for organisations across a range of industries.
The firm was founded by a technical team of computers scientists and mathematicians who have known each other for more than a decade after studying at the University of Edinburgh. Since the company’s launch in 2018, it has participated in the Fast Track Malmo and Data Pitch London accelerators.
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Mick Halsband commented: “We are very proud to partner with Paul, Remus, Patric and the whole Neurolabs team, building a novel solution for data-driven computer vision and AI.
“We’re delighted at how Neurolabs’ vision of post-big-data deep learning aligns with our own; rapidly training highly accurate neural networks in data-scarce environments is about to become much easier.”
Mark Hogarth, partner at Techstart Ventures, added: “Techstart are excited to be part of an amazing group of international investors who have come together to support the hugely talented Neurolabs team as they pursue their mission to democratise computer vision from bases in Edinburgh and Cluj Napoca.”