If you’re a developer, odds are you’re familiar with the headache that comes with gathering training data for creating computer vision AI models.
This is where V7’s latest machine learning capabilities come in handy. The company is using its proprietary computer vision algorithm to automatically collect necessary pictures from manufacturers’ websites, breaking down work into smaller chunks that are then completed by computers rather than humans.
Tens of thousands of images are usually needed to train a computer vision AI model. With this automated data collection process, V7 estimates that it can reduce the workload and costs by up to 80 percent.
According to the company, this is just one benefit for businesses working with its technology. Beyond automation, V7 says it’s also able to improve efficiency through greater accuracy and precision in gathering data, which in turn helps businesses avoid overpaying for images or pay less if they’re using royalty-free photos.
“Our process takes the industry from a labor-intensive, manual data-gathering process that can require thousands of hours of labor to an efficient, automated process,” said CEO Saeed Khademi.
The process isn’t unique to V7 — similar services are available from other providers. However, Khademi told VentureBeat that he sees this as a good thing rather than a threat.
“We have built the infrastructure and technology that can be used by anyone in the industry,” Khademi said. “We’re open to partnered with anyone in the industry who wants to use the technology.”
The company has raised $33 million in funding, which includes a $20 million round of financing led by Motley Fool, and a $7.5 million follow-on round of funding. Its investors include Greycroft Partners, Sigma Prime Capital, GGV Capital Korea & China Growth Fund and Village Ventures executives. This comes on the heels of an initial $10 million funding round.
V7 was founded in 2013 by Khademi and Firas Mitri. Khademi said the company uses both a hardware and software platform to automatically gather training data from manufacturers’ websites.
This process is built on cutting-edge AI algorithms that help it detect, analyze and extract the required images from existing photos. It can also perform other tasks such as crop, scale, rotate or align images.
The company says it has partnerships with the world’s leading manufacturers in a number of fields — ranging from mature sectors like automotive to emerging industries like robotics and drones.
“V7 brings a reliable, automated process to the OEMs who want to deliver the best-in-class customer experience,” said John Zhang, general partner at Motley Fool. “We’re excited about helping V7 grow its business by improving products and building new functionality. V7’s customers will also benefit from the funding because it will allow V7 to increase its R&D efforts and bring new products to market faster.”
The company has offices in San Francisco, China and Korea. Last year, it acquired Korean machine vision startup Emotense in a bid to expand its reach in the country.
“V7 is a great example of an innovative Korean company that has developed advanced technology and grown into a leader in their space,” said Yong Lee, managing partner at GGV Capital Korea & China Growth Fund.
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