AI. Reverie, the leading synthetic data platform that can create a virtually limitless supply of machine learning training data on-demand, has been quietly acquired by Facebook. In 2020, TechNexus Venture Collaborative participated in the company's $5.6M equity funding round led by Vulcan Capital after joining the company during an earlier seed round in 2018.
Initially reported by Venture Beat, the purchase was made through a holding company called Dolores Acquisition Sub, Inc. The acquisition has been confirmed by a Facebook spokesperson when contacted for comment.
AI. Reverie emerged from stealth mode in 2018 and launched its proprietary simulation platform to help businesses improve and scale their machine learning algorithms. The platform leverages synthetic data — data that is artificial computer-generated and can stand in for data obtained from the real world. By simulating the real world, AI. Reverie's virtual world creates synthetic data as good as, and sometimes better than, actual data. Some of the advantages of synthetic data versus real-world data include anonymizing personal data and, most importantly, correcting bias that is often firmly ingrained in the real world.
The company was founded by Daeil Kim, Joey Tran, and Paul Walborsky. Kim and Walborsky formerly worked at The New York Times. Kim led projects, including AI-enabled audience acquisition strategy and optimization for NYT Español, while Walborsky led a team focused on the publisher's international expansion.
AI.Reverie offered APIs and a platform to advance projects across many industries and applications in Defense, Retail, Smart Cities, Industrials, and Agriculture, including airport simulation, weapons detection, cashier-less shopping, and delivery bots.
AI. Reverie's expanding project list and multi-industry use cases were impressive to TechNexus Venture Collaborative and why the company joined in 2018 as an investor. TechNexus has over a decade of experience partnering with large, traditionally industry-verticalized enterprises that, for staying-power, need to re-define themselves, first and foremost, as tech companies. The need to embrace core AI/ML solutions like computer vision, edge-case simulation and synthetic data integration are core components to rethink the corporate innovation agenda and build a more robust tech stack.
Prior to the acquisition, other notable company milestones and recognition include:
- United States Defense program inclusion US Air Force's Advance Battle Management System (ABMS) program ($950M); Phase 2 SBIR contract ($1.5M); and Strategic Partnership and Investment with In-Q-Tel
- Twice named to CB Insights Top 100 AI Startup (2019, 2021)
- Gartner recognition as a "Cool Vendor" in AI Core Technologies
- Forbes recognition as a "Top 25 Machine Learning Startup to Watch in 2020"
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