Italy-based Aindo, a generative AI startup, announced that it has raised €6M in a Series A round of funding led by United Ventures.
Existing investor Vertis SGR also participated in the round through the VErtis Venture 3 Technology Transfer.
Aindo’s mission is to make AI more valuable and privacy-friendly. The company aims to lead in synthetic data and revolutionise data mobility, which means sharing information securely with a focus on privacy.
This funding will help Aindo expand its team and develop AI solutions for healthcare, finance, and public administration.
“We’re thrilled to announce this new funding round, which will fuel our growth at a crucial phase of the company’s development,” says Daniele Panfilo, co-founder and CEO of Aindo.
“Most organisations possess valuable structured information stored within their databases that cannot be used due to privacy protection. Creating synthetic data with generative AI solves that: the data Aindo regenerates behaves similarly to real data while fully protecting individuals’ privacy,” adds Panfilo.
Giulia Giovannini, partner at United Ventures, shared the excitement of this investment as she believes Aindo can answer the problems that the AI revolution may face.
“The AI revolution still faces many obstacles, including data inaccessibility, long processing times, privacy concerns, and ethical issues related to data collection. Synthetic data is an answer to these problems,” says Giovannini.
“We believe that Daniele [Aindo’s CEO and co-founder] and his team have the right ambition to scale the platform internationally in the field of synthetic data, and we are excited to contribute to this round, as our very first investment from UV3, United Ventures recently launched fund,” adds Giovannini.
What Aindo’s innovation offers
Aindo’s technology generates synthetic data – artificially generated data that can train machine learning models without needing real-world data. It is created using algorithms and can be tailored to specific needs, making it a valuable tool for data scientists and Machine Learning (ML) developers.
With synthetic data, AI can be used in high-impact social and business areas, such as healthcare research and financial markets.
According to Gartner, synthetic data is an emerging trend in AI. They project that by 2024, approximately 60 per cent of the data employed in AI initiatives will be artificially generated, a significant jump from the mere 1 per cent observed in 2021.
Grand View Research forecasts that the global synthetic data market will reach €1.79 billion by 2030.
“In the coming years, the demand for synthetic data will be ubiquitous for all sectors relying heavily on data, particularly in healthcare, finance, and insurance,” says Roberto Della Marina, operating partner of Vertis SGR and managing partner of Venture Factory.
“Aindo’s technology has the potential to impact millions of people’s lives,” Marina adds.
Utilising synthetic data
In the healthcare sector, synthetic data is used to train AI models necessary for creating prognostic and predictive tools. These tools enhance disease diagnostics and treatment across various medical conditions.
In the financial sector, synthetic data plays a pivotal role in crafting tailored solutions and services. For example, developers can use synthetic to construct accurate risk prediction models that identify patterns and behaviours associated with the risk of financial challenges.
Lastly, synthetic data is vital for seamless data exchange between public and private entities in the infrastructure and energy sector. It can optimise infrastructure and network management in smart cities and buildings and monitor physical infrastructure. It supports assessing multiple risk scenarios, aiding damage simulation and optimal management assessments.
01
Code to AI: How Le Wagon is training product builders who can adapt to a moving tech landscape