Neurolabs announced today the successful completion of a pre-seed fundraising round of one million euros. Neurolabs is founded by a technical team of computer scientists and mathematicians who have known each other for more than 10 years, having studied together at the University of Edinburgh. It has offices in Cluj-Napoca, Romania and also Edinburgh, Scotland.
Neurolabs is an early-stage Computer Vision start-up, pioneering the use of synthetically generated data to develop object recognition models in a drastically cheaper and faster way than the traditional approach.
The company’s vision is simple: democratize Computer Vision by breaking down the barriers to adoption. Neurolabs substitutes the expensive and rare real-world data required to train Computer Vision algorithms, with synthetically generated data to provide massive, rich and diverse low-cost data sets at a fraction of the cost and time. Its proprietary Computer Vision technology, propelled by a synthetic data generation engine, enables rapid state-of-the-art development of object recognition solutions across multiple use cases and industries, accelerating the automation of repetitive visual tasks.
“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. 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.”, said Paul Pop, Neurolabs’ CEO.
The round was co-led by Lunar Ventures and Techstart Ventures, with participation from 7percent Ventures, ID4 Ventures, Charles Songhurst and Andreas Wiese. Mick Halsband from Lunar Ventures will be joining the board.
“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”, said Mick Halsband, Founding Partner at Lunar Ventures. “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 — thus lowering the barrier of entry for many new applications for ML and AI which until now were economically unviable.”
“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.”, said Mark Hogarth, Partner, Techstart Ventures.
“As strong believers in the future of AI and Computer Vision, we are excited to be backing the Neurolabs team on their journey. We’ve been very impressed with the team’s deep technical understanding and abilities, coupled with a strong commercial drive and a big vision.”, added Ivailo Jordanov, Venture Partner, 7percent Ventures.
About Lunar Ventures
Investing in early stage European DeepTech Software. We are technical investors partnering with technical founders who are building at the intersection of DeepTech and software. Our mission is to help you turn your sci-fi ideas into working products. For more information, please visit www.lunarventures.eu.
About Techstart Ventures
Techstart Ventures is a leading investor of seed capital across Scotland and Northern Ireland and recently won ‘Investor of the Year’ at Turing Fest’s 2019 Scottish Tech Startup Awards. Techstart Ventures LLP manages the Scottish Growth Scheme – Techstart Ventures Equity Finance LP Fund – which has been financed by support from the Scottish Government and the European Regional Development Fund from the 2014-20 European Structural Funds Programme. For more information, please visit www.techstart.vc.
7percent Ventures invests in early stage startups run by founders with moonshot ambitions. All partners are ex-founders turned investors. Past investments include OculusVR (sold to Facebook), Blue Vision Labs (Lyft) and Magic Pony Technologies (Twitter). 7percent believes the founder is their customer, offering advice from first hand experience and support from a curated network of over 150 advisor investors. For more information, please visit www.7pc.vc.