Concept: Vienna’s high-tech startup, MOSTLY AI has unveiled an AI-generated smart synthetic data platform to help enterprises to generate data for smart and safe services. It can be used across the business’s entire data value chain, from AI training and analytics to software testing.
Nature of Disruption: Businesses can utilize MOSTLY AI’s synthetic data platform to generate synthetic data at the touch of a button or customize it to meet their specific requirements. SQL Server, Oracle databases, PostgreSQL, and data stored in cloud storage buckets are among the data sources supported by the platform. It can deliver exact, privacy-protected synthetic duplicates of all of them. The platform is entirely automated, and it can analyze the data of the organization and present the best job configuration. They can also use fake data to substitute columns, allowing them to construct real-world phone numbers, transaction codes, and other forms of IDs. The AI model would learn statistical distributions, time dependencies, correlations, and data patterns. After that, the model can be used to create a synthetic replica. The quality assurance (QA) report is then prepared, which includes specific details on privacy and accuracy. It would save a synthetic copy of the data source to a user-specified location, such as the company’s database server, cloud storage buckets, or a local machine, allowing it to be shared between departments and partnerships.
Outlook: Synthetic data adoption is rapidly increasing and has attracted the interest of a wide range of business stakeholders and European bodies, particularly the pharmaceutical industry. It has the potential to help businesses enrich and de-bias their data sets. MOSTLY AI aims to capture the market, where it finds a large potential in software testing. The startup leverages AI to ensure that its clients’ databases are reliable. Its data sets would have the same amount of detail as a company’s original customer data, but without the original personal data points. In January 2022, MOSTLY AI raised $25M in a Series B funding round led by British venture capital company Molten Ventures, with Citi Ventures, Munich-based 42CAP, and Berlin-based Earlybird also participating. It intends to use the capital to expand the capabilities of its product, grow its team, and gain more customers in Europe and the United States. The startup’s clientele includes fortune 100 banks, insurers, and telecoms. MOSTLY AI’s smart synthetic data platform has also been certified by ISO (International Organization for Standardization).