Insurtech AI startup Synthesized bags €2.4M to disrupt enterprise data strategy

Based out of London, Synthesized, a provider of software services to generate, maintain and manipulate data sets for data-driven projects, has raised $2.8 million (approx €2.4 million) in a new round of funding. The funding was co-led by Cambridge-based IQ Capital and Mundi Ventures, with participation from Seedcamp, Pretiosum Ventures, and several finance and technology executives in the UK and US.

Synthesized’s software uses AI to learn the structure of original data and simulate practically useful new data points, thus unleashing data’s full potential while protecting people’s privacy. According to the UK-based company, the latest investment will be used to double the number of its employees in London and build out its sales and product teams.

 Nicolai Baldin, CEO and Founder of Synthesized:

Synthesized substantially reduces the time to develop and comprehensively test data-driven projects and, as a result, empowers engineers to build better products and services for end-users. With the new funding from IQ Capital and Mundi Ventures, Synthesized is well-positioned to facilitate its business operations to turbocharge development processes across many sectors, such as finance, insurance, and healthcare. We will continue to double down on bringing the highest quality data infrastructure to our clients and partners.

 Ed Stacey, managing partner at IQ Capital:

Responsible organisations are waking up to the need to ensure that their deployed machine learning systems are fair and unbiased, as well as being robust and accurate. Synthesized’s ability to create multiple, balanced data sets flexibly gives organisations and their customers the confidence they need in deployed production systems, while also considerably speeding up the development process. We were extremely impressed with the team and their thought leadership in this field.

Javier Santiso, CEO and Founder of Mundi Ventures:

The insurance industry depends on data to support informed risk selection and underwriting, create new products, handle claims management, automate processes, and improve customer experience. Synthesized reduces friction on data provisioning and preparation and enables insurers to share data safely complying with regulations, which is going to drive more innovation in the sector. The prospects for Synthesized are bright, and we see the impact of synthetic data permeating almost every industry.

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