Replica Analytics, an Ottawa-based provider of privacy protective synthetic data, has secured C$1 million in a pre-seed-stage financing. The round was backed by Facit, Mitacs and a group of angel investors. Founded last year, Replica will use the funds raised to further develop its technology with the aim of bringing it to market for health applications.
Replica Analytics Receives over $1 Million in New Funding for Data Synthesis Innovations
OTTAWA, ON, Sept. 9, 2020 /PRNewswire/ – Replica Analytics, a leading provider of privacy protective synthetic data, is proud to announce that it received over $1 million in new pre-seed funding. This funding will be used to accelerate the company’s research to develop novel data synthesis and data simulation technologies that will completely transform the process of accessing sensitive data for artificial intelligence (AI) projects. The funding came from three important sources: FACIT, a commercialization venture firm supporting oncology innovations; MITACS, a national, not-for-profit organization supporting innovation within Canadian industry in collaboration with universities; and an international angel investor group.
With the current COVID-19 pandemic, high-quality health data is urgently needed. However, traditional mechanisms of collecting, accessing, and sharing data present serious limitations in terms of timeliness and cost. Synthetic data software can alleviate those limitations to enable powerful AI tools to be employed to accelerate our understanding of the disease, and discover and test potential treatments.
Replica Analytics is a global software company that has invented a technology to generate privacy-protected synthetic data, while maintaining the statistical properties of real data, and without breaching regulatory privacy requirements. Synthetic real-world data and synthetic clinical trial data are made readily available to data scientists and researchers with Replica Analytics’ latest product, Replica Synthesis.
“This funding will allow us to build on our unique technology foundation and, over the next 12 months, bring to market the ability to synthesize and simulate complex health data. Our Replica Synthesis software already simplifies and streamlines the data synthesis process by automating many of the steps. You only need to drop the data in, and the software does the rest. The additional funding will allow us to expand our work with the life sciences industry and the healthcare delivery sector, and invest in additional R&D to include dynamic privacy risk assessments and enable simulator markets.”
Khaled El Emam, Co-founder and Director of Replica Analytics
About Replica Analytics
Replica Analytics develops unique technologies for generating privacy protective synthetic data that maintains the statistical properties of real data. Its products and services enable fast and effective access to high utility health data while meeting regulatory obligations. With deep expertise in privacy and data analysis, Replica Analytics is a trusted partner for data synthesis.