Synthesized, a provider of software services to generate, maintain and manipulate data sets for data-driven projects, has raised $2.8m in a new round of funding. The financing was co-led by Cambridge-based IQ Capital and Mundi Ventures, with participation from Seedcamp, Pretiosum Ventures, and a number of finance and technology executives in the UK.
Synthesized’s core product turbocharges any relational datasource and streamlines the complicated process of data provisioning for data users. Financing from the round will be used to double the number of its employees in London, and build out its sales and product teams.
“Synthesized substantially reduces the time to develop and comprehensively test data-driven projects and as a result empowers engineers to build better products and services for end users.” said Nicolai Baldin in a statement. “With the new funding from IQ Capital and Mundi Ventures, Synthesized is well-positioned to facilitate its business operations to turbocharge development processes across many sectors, such as finance, insurance and healthcare. We will continue to double down on bringing the highest quality data infrastructure to our clients and partners.”
“Responsible organisations are waking up to the need to ensure that their deployed machine learning systems are fair and unbiased, as well as being robust and accurate. Synthesized’s ability to create multiple, balanced data sets in a flexible way gives organisations and their customers the confidence they need in deployed production systems, while also greatly speeding up the development process. We were extremely impressed with the team and their thought leadership in this field,” said Ed Stacey, managing partner at IQ Capital.
Javier Santiso, CEO and Founder of Alma Mundi Ventures, said that “the insurance industry depends on data to support informed risk selection and underwriting, create new products, handle claims management, automate processes and improve the customer experience. Synthesized reduces friction on data provisioning and preparation, and enables insurers to share data safely complying with regulations, which is going to drive more innovation in the sector. The prospects for Synthesized are bright and we see the impact of synthetic data permeating almost every industry.”
HIGH QUALITY DATA
Synthesized enables fast development and testing of data-driven projects by synthesizing high-quality data sets that mimic original data. Led by machine learning researchers formerly from the University of Cambridge as well as industry experts, it is a technology company that is pioneering data synthesis. It uses advanced machine learning techniques to synthesize data sets, which carry the properties of real data, but do not disclose any sensitive, personal information thereby staying compliant with regulations and ethical principles by design.
The business benefits of Synthesized’s software include reduced time needed for comprehensive product development and testing in addition to better quality services for end users as a result. While providing full GDPR compliance the process can take as little as 10 minutes for a typical data set from a financial organisation. As a result, extremely sensitive data can be unlocked to turbocharge product or service development with no actual risks around a potential data breach.
The company, founded by Nicolai Baldin (CEO) and Denis Borovikov (CTO), is part of the government-funded Tech Nation’s Applied AI programme.