Italian generative AI startup Aindo has raised a €6 million Series A round led by United Ventures and included participation from existing investor Vertis SGR through the fund Vertis Venture 3 Technology Transfer.
With its patented synthetic data generation technology Aindo has developed a substitute for testing and training machine learning models. Synthetic data is data that is created artificially as opposed to generated by real-world events.
The fresh funding will see the startup add ten new roles to its team and further develop its solution aiding the use of AI in the likes of healthcare, finance and public administration sectors. Its synthetic data generation technology is already in use in the healthcare sector, for example, improving predictive analysis of pharmacological therapies in rare diseases and optimising patient care in hospital settings.
“We’re thrilled to announce this new funding round, which will fuel our growth at a crucial phase of the company’s development,” says Daniele Panfilo, co-founder and CEO of Aindo. “When we launched Aindo, Generative AI was barely known outside academic environments. In record time, it’s grown into the next billion-dollar category in tech, thanks to its mind-blowing capabilities that have captivated the world's imagination."
"The AI revolution still faces many obstacles, including data inaccessibility, long processing times, privacy concerns, and ethical issues related to data collection. Synthetic data is an answer to these problems, offering companies a tool of great importance to fully exploit the potential of artificial intelligence while ensuring the necessary privacy in data management," says Giulia Giovannini, partner at United Ventures.
Lead image: via Aindo. Photo: Uncredited.