Vienna-based MOSTLY AI has raised $25 million in a Series B funding round. The company, which pioneered the creation of AI-generated synthetic data, will use the new capital mostly to speed up growth in Europe, garner a larger portion of the US market, and onboard mostly talented people via a global recruitment drive.
Founded in 2017, MOSTLY AI CEO Tobias Hann commented that an overall shift towards responsible AI was mostly responsible for the industrial interest in the company’s synthetic data solutions.
“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,” he explained.
To perhaps better reframe the offer here: MOSTLY AI is using AI to generate, with 99% accuracy, the data that is fed into an AI-based system. Yes, another example of the machines now training the machines.
MOSTLY AI counts multiple Fortune 100 banks and insurers in North America and Europe including Erste, Bawag PSK, and citi amongst its client base, and its technology has been proven to reduce time-to-data by 90%, save larger companies $10+ million annually on data provisioning and internal overhead, and boost available data by 85% for test data generation through data synthesis.
The scale-ups $25 million Series B funding round was led by Molten Ventures and saw participation from existing investors Earlybird and 42CAP, with new investor Citi Ventures coming on board.
“MOSTLY AI is leading this emerging and rapidly-growing space in terms of both customer deployments and expertise,” commented Molten’s Christoph Hornung. “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.”
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