Molten Ventures is pleased to announce that we have led a $25m Series B funding round in synthetic data platform MOSTLY AI. Existing investors Earlybird and 42CAP as well as new investor Citi Ventures also participated in the round.
MOSTLY AI was founded in 2017 in Austria by data scientists Michael Platzer (pictured [L] with CEO Tobias Hann [R]), Klaudius Kalcher and Roland Boubela, and is on a mission to revolutionise how companies think about and work with data.
The company uses AI to create synthetic data sets which look just as real as a company’s original customer data and reflect behaviours and patterns with up to 99% accuracy, uncovering insights from the data while avoiding using the original data points.
In doing so, MOSTLY AI enables companies to comply with data protection regulations such as GDPR and to use sensitive data in cloud environments.
The company will use the funding to build on its established leadership in banking and insurance, further accelerating its growth in Europe and aggressively capturing more of the US market, while growing its team in Europe and the US. It is already working with multiple Fortune 100 banks and insurers across North America and Europe.
MOSTLY AI’s recent projects include creating synthetic data sets for an insurer for retraining algorithms whose performance had degraded and were exhibiting bias and synthesizing 15,000 home addresses and linking the synthetic geodata to weather patterns for better insurance risk prediction.
Christoph Hornung, Investment Director, Molten Ventures, said:
“MOSTLY AI is leading this emerging and rapidly-growing space in terms of both customer deployments and expertise. 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.”
Tobias Hann, CEO, MOSTLY AI, said:
“2022 will be the year of synthetic data. 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. We’re extremely excited about the future of synthetic data, and to partner with Molten Ventures, which shares our vision for fundamentally changing how companies work with data.”