MOSTLY AI, the Austria-based AI startup that aims to revolutionize the way companies work with data, has closed its Series B round of funding for a total of $25 million.
A venture capital firm called Molten Ventures, which specializes in investing in technology companies, was the lead investor on the deal, as well as Earlybird Capital, 42CAP, and new investor Citi Ventures also pledging their support.
As a result of the capital injection, the company will be able to increase its presence in the banking and insurance sectors, expand across Europe and the US, and hire more staff.
A company that leverages artificial intelligence to create synthesized data sets was founded in 2017 by data scientists Michael Platzer, Klaudius Kalcher and Roland Boubela. In some cases, these data sets can be as real as a company’s original customer data, and can also reflect customers’ behavior and patterns with an accuracy of up to 99%. Using this method, insights can be uncovered from the data without having to touch the original data points themselves.
It ensures that companies are able to comply with data protection regulations such as the General Data Protection Regulation (GDPR) when using sensitive data in cloud-based environments. It also means that the synthetic data is also able to be generated quickly, in abundance, and in large quantities. According to the company, time-to-data can be reduced by 90% through its technology.
According to Mostly AI’s CEO, Tobias Hann, “2022 will be a year in which synthetic data will come into its own. Using synthetic data can help solve some of the most vexing AI problems that the industry has ever faced. With an artificial intelligence platform, enterprises do not have to worry about data privacy, they can shape and form their data in order to accelerate AI initiatives, and they can supplement and de-bias their data sets so that AI initiatives can be implemented faster.
It is our pleasure to partner with Molten Ventures, which shares our vision for fundamentally transforming how companies work with data in the coming years.” “We are extremely excited about the future of synthetic data, and to work closely together.”
In a recent project, the company aimed to improve the accuracy of insurance risk predictions by integrating synthetic geodata with weather patterns.
MOSTLY AI (which stands for Mostly Artificial Intelligence), is based in Austria. It aims to change how companies work with data. This round of funding has been completed at $25 million.
Molten Ventures, a venture capital firm aimed at technology companies, has become the lead investor.
The company is hoping to grow by spending money on new capital investments, and by hiring more employees.
DataSci is a machine learning company that makes it easy to create your own synthetic data sets.
This is a unique, powerful way to discover the behaviours, activities, and interactions that are unique to your organization.
Uncovering insights from the data is a powerful and valuable skill to have. You can use this to uncover insights in your own data, or the data of your clients and partners.
With this method you will have a high degree of confidence that your company is not sharing its data with third parties without your consent.
In addition, the synthetic data can be generated easily in abundance.
The company’s main product, the MOSTLY AI, has claimed that the year 2022 will be the year of synthetic data. Ask HN: Are there any successful business models for an email service? – rvivek There has been some talk around the HN community about using SMS messaging for notifications (and for a little bit of a marketing channel). Does anyone know if there are any email services that have made a living through it alone? ====== pwim Yes, there are several. Here’s one that is extremely popular in Germany:
It’s common knowledge that there’s a lot of data and not enough talent to use it effectively. If you’re interested in data science and AI, this book is for you. You’ll learn how synthetic data helps solve some of the industry’s most vexing issues, when it comes to using artificial intelligence effectively.
It helps businesses collect, shape, and create their own AI data by taking advantage of the latest machine learning techniques. This eliminates privacy concerns, and accelerates AI initiatives.