Friday, June 21, 2024

Molten Ventures leads $25 million Series B in synthetic data platform MOSTLY AI

Molten Ventures, a leading venture capital firm investing in and developing high growth  technology businesses, today announces that it has led a $25m Series B funding round in synthetic data platform  MOSTLY AI. The round was led by Molten, with participation from existing investors Earlybird, 42CAP and new  investor Citi Ventures

MOSTLY AI was founded in 2017 in Austria by data scientists Michael Platzer, Klaudius Kalcher and Roland Boubela, and is on a mission to revolutionise how companies think about and work with data. The company uses AI to create  synthetic data sets which look just as real as a company’s original customer data and reflect behaviours and patterns  with up to 99% accuracy, uncovering insights from the data while avoiding using the original data points. In doing  so, MOSTLY AI enables companies to comply with data protection regulations such as GDPR and to use sensitive  data in cloud environments.

Another advantage of synthetic data is that, unlike original data, it can be generated quickly in abundance, while  still being proven to drastically improve machine learning model performance. MOSTLY AI’s synthetic data  technology has been proven to reduce time-to-data by 90%, saving larger companies $10M+ annually on data  provisioning and internal overhead, and boost available data by 85 percent for test data generation through data  synthesis.

The company’s recent projects include creating synthetic data sets for an insurer for retraining algorithms whose  performance had degraded and were exhibiting bias and synthesizing 15,000 home addresses and linking the  synthetic geodata to weather patterns for better insurance risk prediction. MOSTLY AI will use the funding to build  on its established leadership in banking and insurance, further accelerating its growth in Europe and aggressively  capturing more of the US market, while growing its team in Europe and the US. It is already working with multiple  Fortune 100 banks and insurers across North America and Europe.

Tobias Hann, CEO, MOSTLY AI, 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.”

Christoph Hornung, Investment Director, Molten, said:

“MOSTLY AI is leading this emerging and rapidly-growing space in terms of both customer deployments and  expertise. It is the top platform for structured synthetic data worldwide, and we are excited that together we can  strengthen that position and accelerate MOSTLY AI’s hyper growth in the banking and insurance space.”

People In This Post

Companies In This Post

  1. TBC Bank Uzbekistan Secures $10 Million Loan From responsAbility Investments AG Read more
  2. Invessed Set to Help Wealth Managers Respond to Disengaged Demographic Read more
  3. Singapore Publishes Updated Money Laundering National Risk Assessment Read more
  4. Why Age Matters: Mads Pedersen’s Fresh Take on Venture Capital Read more
  5. Citi Publishes New Report on AI in Finance Read more