venturebeat.com/2022/01/11/synthetic-data-platform-mostly-ai-lands-25m

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Austria-based Mostly AI, a startup that simulates synthetic data for AI model training and testing, today announced it has raised $25 million in a series B round from Molten Ventures. The company plans to use the investment to accelerate its work in setting the groundwork for responsible and unbiased AI, hiring fresh talent, and strengthening its presence across Europe and North America.

For any modern-day enterprise, the biggest challenge associated with leveraging data for AI/ML is ensuring the privacy of its consumers — the original source of the data — and eliminating the possibility of any sort of bias due to historical or social inequities in that data. Organizations often find a hard time dealing with the two problems and either end up facing fines for privacy violations (under regulations such as GDPR) or train a model which is unfair on one or more parameters.

Mostly AI synthetic data generator

To tackle challenges, data scientists Michael Platzer, Klaudius Kalcher, and Roland Boubela started Mostly AI in 2017. The startup uses AI to create a realistic & representative synthetic dataset, one that retains the information required for the data value chain – from AI model training and advanced analytics to software testing – but no original personal data points.

This gives data scientists and engineers as-good-as-real, yet fully anonymous, data in their hands to work with.

The solution works by leveraging a state-of-the-art generative deep neural network with an in-built privacy mechanism. It learns valuable statistical patterns, structures, and variations from the original data and recreates these patterns using a population of fictional characters to give out a synthetic copy that is privacy compliant, de-biased, and just as useful as the original dataset – reflecting behaviors and patterns with up...

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