UK-based AI startup, Synthesized, has recently raised £10 million in a funding round. The company specializes in creating synthetic data for machine learning purposes. With this investment, Synthesized aims to expand its team and enhance its platform’s capabilities.
Synthesized was founded in 2018 by Nicolai Baldin, a former software engineer at Amazon. The company has developed a unique platform that allows businesses to generate synthetic data that mimics real data accurately. Synthetic data can be used for various purposes, including machine learning, data analytics, and software testing. By using synthetic data, businesses can save time and resources, as they don’t need to collect real data manually.
The funding round was led by early-stage venture capital firm, Firstminute Capital. Other investors who participated in the round include LDV Capital, Seedcamp, and Newable Ventures. Synthesized has raised a total of £13.8 million to date, and the latest funding round will help the company expand its operations.
Nicolai Baldin, CEO and co-founder of Synthesized stated that the funding will allow the company to continue innovating in the field of synthetic data. He added that the company’s platform has been well-received by the market, and they have seen an increasing demand for their services. Baldin also mentioned that the company aims to double its team by the end of the year.
Synthesized’s platform has already been adopted by several companies in the financial and healthcare sectors. The company has also partnered with software testing firm, Tricentis, to integrate its synthetic data platform into Tricentis’ testing automation platform.
In conclusion, Synthesized recent funding round is a testament to the growing demand for synthetic data in the market. With its unique platform and experienced team, the company is well-positioned to capitalize on this trend and expand its operations.