From advanced medical diagnostics to shopping online, artificial intelligence (AI) is being infused into virtually every aspect of our lives. As tech giants such as Microsoft, Google, Amazon, and IBM invest heavily in research and development efforts to further evolve the technology, the market is continuing its explosive growth, with a 2021 forecast by Gartner Research predicting the market for AI software will reach almost $134.8 billion by 2025. Consultancies are also embracing AI, with Booz Allen Hamilton recently announcing a strategic investment in Synthetaic, a software company specializing in building AI detection models.
Founded in 2019, Synthetaic provides AI-enabled services that leverage synthetic data to bypass the security approvals that are required to utilize real-world data. By speeding the development and implementation of services, the company is able to more rapidly deploy its technologies.
A current drawback of machine learning and artificial intelligence is that models must be “trained” on datasets that require extensive human annotation before being implemented. Synthetaic’s RAIC (Rapid Automatic Image Categorization) technology enables users to build and implement AI models in minutes, by removing the traditional dependency on human-reviewed and labeled data, resulting in reduced expenses and speedier implementation of AI technologies.
“Through our Tech Scouting division, Booz Allen is uniquely positioned to help the government find, vet, and access critical dual-use emerging technologies and deliver impact faster to important programs of record,” said Brian MacCarthy, Booz Allen Vice President of Tech Scouting and Ventures, in a press release. “By investing in leading-edge companies like Synthetaic, we are meeting the government’s call to accelerate access to advanced solutions through partnerships, sponsorships, and collaboration.”
The firm participated in a Series A fundraising round earlier in 2022, alongside Esri, Betaworks, and Titletown Tech, that drew $13 million in capital for Synthetaic. The latest investment comes as part of Booz Allen’s “Vision 2020” commitment to strategic investment in commercial technologies that can be rapidly employed at-scale for public sector use. The firm is one of the largest providers of AI services for the federal government, working with the Joint AI Center, Army Futures Command, and the U.S. Air Force Air Combat Command, among others.
