Singapore-based Betterdata, which leverages programmatic synthetic data to help preserve privacy, has reportedly secured $1.55m in seed funding.
The funding round was led by Investible, with contributions also coming from Franklin Templeton, Xcel Next, Singapore University of Technology and Design, Bon Auxilium, Tenity, Plug and Play and Entrepreneur First, according to a report from Global Village Space.
This capital injection will support Betterdata’s product launch and enhance its programmable synthetic data tech stack, including support for single-table, multi-table, and time-series datasets.
In addition to this, the FinTech company hopes to hire more staff, such as sales and marketing professionals, and expand across the Asia-Pacific region.
Founded in 2021, the company makes data sharing instant and more secure by transforming real data into limitless synthetic data that looks, behaves and feels like real data. This synthetic data does not belong to a real individual and can be shared globally with 100% compliance with privacy regulations.
Use cases for its technology include product development and testing, data collaboration, data privacy verification, data retention, data monetisation, and bias and imbalance mitigation.
Within financial services, firms can leverage Betterdata to support fraud detection within AML solutions, improve credit scoring and bolster data privacy.
Its services are used across financial services, telecommunications, healthcare and retail.
Investible principal Khairu Rejal said “Betterdata solves one of the biggest issues the AI industry is facing today: lack of high-quality data that also meets privacy requirements. Through its powerful platform, Betterdata generates synthetic data that mimics real-world data without compromising quality and privacy, helping businesses meet global compliance and privacy laws at scale.”
In other Singapore FinTech news, marketplace lending company iLex recently secured a $4.5m investment, which was led by QBN Capital.
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