Mostly AI, an Austria-based synthetic data platform, has raised $25 million in Series B funding. Molten Ventures led the round with participation from Earlybird, 42CAP and Citi Ventures.
London, 11 January 2022: Molten Ventures, a leading venture capital firm investing in and developing high growth technology businesses, today announces that it has led a $25m Series B funding round in synthetic data platform MOSTLY AI. The round was led by Molten, with participation from existing investors Earlybird, 42CAP and new investor Citi Ventures
MOSTLY AI was founded in 2017 in Austria by data scientists Michael Platzer, 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.
Another advantage of synthetic data is that, unlike original data, it can be generated quickly in abundance, while still being proven to drastically improve machine learning model performance. MOSTLY AI’s synthetic data technology has been proven to reduce time-to-data by 90%, saving larger companies $10M+ annually on data provisioning and internal overhead, and boost available data by 85 percent for test data generation through data synthesis.
The company’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. MOSTLY AI 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.
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.”
Christoph Hornung, Investment Director, Molten, 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.”
About Molten Ventures
Molten Ventures plc is one of the most active venture capital firms in Europe, developing and investing in disruptive, high growth technology companies. We believe it is our role to support the visionary entrepreneurs who will invent the future. We fuel their growth with our ‘energy’ in the form of truly patient capital, access to international networks and decades of experience building businesses. Currently, Molten Ventures is a shareholder in a diverse portfolio of companies including Revolut, UiPath, Trustpilot, Ledger, and Graphcore. For more information please visit: www.moltenventures.com
About MOSTLY AI
MOSTLY AI pioneered the creation of synthetic data for AI model development and software testing. MOSTLY AI’s synthetic data sets look just as real as a company’s original customer data with just as many details, but without the original personal data points – thus helping companies comply with privacy protection regulations such as GDPR, and ensuring models are fair and unbiased. The fast-growing company currently works with multiple Fortune 100 banks and insurers in North America and Europe and has the deepest expertise in helping companies get business value out of synthetic data. Learn more at mostly.ai.