Neurolabs completes €1m funding round
Edinburgh, 22nd of July, 2020. Neurolabs is pleased to announce today the successful
completion of a pre-seed fundraising round of €1M. 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.
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 Edinburgh, Scotland and Cluj Napoca, Romania.
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: democratise 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.
Paul Pop, Neurolabs’ CEO: “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.”
"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
Mark Hogarth, Partner, Techstart Ventures: “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.”
Ivailo Jordanov, Venture Partner, 7percent 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.”
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.