- MOSTLY AI recently raised $25 million in funding. These are the details.
MOSTLY AI — a company that pioneered the creation of AI-generated synthetic data — recently that it has raised a $25M Series B round of funding led by Molten Ventures with participation from existing investors Earlybird and 42CAP, and new investor Citi Ventures.
The company plans to use the funds to execute its vision to build a smarter and fairer future grounded in responsible AI. Tapping more into its established leadership in banking and insurance, MOSTLY AI plans to further accelerate its growth in Europe, aggressively capture more of the US market, and ramp up hiring worldwide. MOSTLY AI is already working with multiple Fortune 100 banks and insurers in North America and Europe.
MOSTLY AI’s synthetic data technology has been proven to reduce time-to-data by 90%, save larger companies over $10 million annually on data provisioning and internal overhead, and boost available data by 85% for test data generation through data synthesis.
Recent MOSTLY AI projects include:
— Creating synthetic data sets for an insurer for retraining algorithms whose performance had degraded, and were exhibiting bias.
— Synthesizing 15,000 home addresses and linking the synthetic geodata to weather patterns for better insurance risk prediction.
— Narrowing the gap between high-earning men and women from 20% to 2% in a US census dataset.
— Evaluating a crime/fraud prediction dataset and then creating synthetic data that corrected a skew towards racial bias from 24% to just 1%.
KEY QUOTES:
“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.”
— Christoph Hornung, Investment Director at Molten Ventures
“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.”
— MOSTLY AI CEO Tobias Hann
