The adoption of AI technologies in businesses increased from 48% to 72% from 2018 to 2019, enabling industries to increase efficiency, streamline processes, and reduce costs. But training these AI models to accurately reflect real-world conditions is a challenge for machine learning practitioners when developing an application from zero to production. AI.Reverie offers a suite of synthetic data and vision APIs, which provide annotated images and videos, to allow organizations to train their machine learning algorithms efficiently at scale and improve the accuracy of their AI efforts. The company, founded in 2017, has raised a total of $5.6M in funding to date and recently landed an impressive $950M contract to help the US Air Force enhance its computer vision capabilities for its Advanced Battle Management System. Aside from the defense industry, the company’s pioneering technology is also being used for urban planning, retail, agricultural, and industrial applications and AI Reverie grew 3x in 2020.
AlleyWatch caught up with CEO and Cofounder Daeil Kim to learn more about the company’s vision to make AI sustainable and inclusive, future plans, and much, much more.
Tell us about the product or service that AI.Reverie offers.
The AI.Reverie is a simulation platform that trains AI to understand the world. The AI.Reverie platform creates a virtually endless supply of annotated images and videos to accelerate computer vision and machine learning by lowering the cost of training while improving the quality, diversity, and accuracy of metadata.
How is it different?
According to investors who look for companies that can bring disruptive technologies to extremely large markets, AI.Reverie has created a more efficient and effective source of data for AI — capturing the lead in a potentially explosive new field.
AI, Synthetic Data, Computer Vision.
According to a 2020 Grand View Research, Inc. report, the global computer vision market size is expected to reach $19.1B by 2027.
What is the business model?
AI.Reverie licenses its synthetic data simulation platform to help its global customer base, including defense organizations, retailers, smart cities, NGOs, industrials and agriculture companies to simulate the environments they need to transform and win.
What inspired the start of AI.Reverie?
The AI.Reverie team is rooted in diverse backgrounds spanning science and art. We’re journalists, computer scientists, and creative thinkers. We bring different approaches to a shared vision in which artificial intelligence solves for human needs: food, safety, and prosperity. The world’s perception of Artificial Intelligence is shrouded in mystery and misinformation. AI.Reverie was borne from our collective desire to change that and to build a future in which AI is sustainable. Our answer lies in synthetic data: harnessing computer-generated, three-dimensional environments to accelerate machine learning in a controlled, responsible, and empirical manner.
How has COVID-19 impacted the business?
AI.Reverie experienced 3X growth in business during 2020. We attribute the uptick to a stronger than expected global demand for perpetual access to synthetic data and computer vision solutions.
What are the milestones that you plan to achieve within six months?
We are closing major enterprise, brand, and government deals.
We have begun culture-changing work with World Bank.
We anticipate closing our Series A round early in Q2.
What is the one piece of startup advice that you never got?
Spend time understanding yourself before attempting to lead others.
If you could be put in touch with anyone in the New York community who would it be and why?
Andrew Yang, I think he has a particularly unique approach to solving some of our biggest problems and is concerned as I am about how automation and the lack of a UBI will hurt the most vulnerable.
Why did you launch in New York?
New York is our home and many of our largest clients are headquartered in the city.
What’s your favorite outdoor dining restaurant in NYC?
Cote Restaurant: It’s a Korean BBQ place that’s earned a Michelin star. It’s got amazing cocktails, fantastic BBQ, and the best RamDon in the City.