Based out of Vienna, Mostly AI is an IT company enabling privacy-preserving big data applications in the digital age. Recently the company has secured $5 million (approx €4.4 million) in Series A funding.
The round was led by Earlybird, with participation from existing investors Push Ventures and 42CAP. This investment will enable the company to further expand the SyntheticData solution into the EU & US markets.
Founded in 2017 by Klaudius Kalcher, Michael Platzer, and Roland Boubela, Mostly AI uses Synthetic Data Engine with artificial intelligence (AI) and privacy rules to simulate realistic & representative synthetic data at scale, by automatically learning patterns, structure, and variation from existing data.
This artificial data is based on a company’s existing customer data and keeps their entire information value. The Austrian startup has customers, including global telecom operator Telefónica, several financial institutions in Europe like Erste Group Bank, and one of the US’ top 5 insurance companies as well.
CEO Michael Platzer:
The additional funding will allow us to significantly accelerate our growth and expand our engineering and sales teams both in Europe and in the US. We’re experiencing significant traction for our AI-powered synthetic data solution at numerous financial institutions, healthcare, and technology companies worldwide and are on track to deliver a cloud-based version of it.
Main image picture credits: Mostly AI
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