Austria-based MOSTLY AI, which aims to revolutionise how companies work with data, has closed its Series B funding round on $25m.
Molten Ventures, a venture capital firm aimed at technology companies, served as the lead investor, with commitments also coming from Earlybird, 42CAP and new investor Citi Ventures.
With the capital injection, the company will deepen its presence in the banking and insurance markets, grow across Europe and the US, and hire more staff.
Founded in 2017 by data scientists Michael Platzer, Klaudius Kalcher and Roland Boubela, the company leverages AI to create synthetic data sets. These sets look as real as a company’s original customer data and reflect behaviours and patterns with up to 99% accuracy. This helps uncover insights from the data without avoiding the original data points.
This ensures companies can comply with data protection regulations such as GDPR and use sensitive data in cloud environments. Furthermore, the synthetic data also means it can be generated quickly in abundance. It claims its technology can reduce time-to-data by 90%.
MOSTLY AI CEO Tobias Hann said, “2022 will be the year of synthetic data. Synthetic data helps solve some of the industry’s most vexing issues when it comes to AI. It eliminates concerns about data privacy, it can be freely shaped and formed in order to accelerate AI initiatives, and it enables enterprises to augment and de-bias their data sets.
“We’re extremely excited about the future of synthetic data, and to partner with Molten Ventures, which shares our vision for fundamentally changing how companies work with data.”
One of its recent projects involved linking synthetic geodata to weather patterns for better insurance risk predictions.
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