US-based data generation software provider Parallel Domain has secured $11m in series A funding from investors including Toyota AI Ventures, a corporate venturing subsidiary of carmaker Toyota.
The round was led by venture capital firm Foundry Group and included Calibrate Ventures, Costanoa Ventures and Ubiquity Ventures.
Parallel Domain has devised a software platform that produces artificial datasets to be used as the basis for training machine learning-driven systems like autonomous vehicles.
Synthetic data is regarded as an option for accelerating advanced machine learning algorithms, which typically need to be trained on millions of datasets that have been manually contextualised. The series A cash will go to strengthening the capabilities of Parallel’s technology.
Costanoa Ventures had previously led a $2.7m seed round for the company in late 2018 with backing from Toyota AI Ventures and Ubiquity Ventures.