Datomize has completed its $6 million seed funding round for the commercialisation of its synthetic data solution that accelerates time to market for artificial intelligence (AI)/machine learning (ML) models and new products that drive business growth.
This funding round was led by TPY Capital, as part of its thematic focus on innovative data and analytics start-ups, with participation from its first investor F2 Venture Capital, which backs visionary big data and AI companies.
"Datomize’s synthetic data revolutionizes the AI/ML and IT lifecycle by removing the major bottleneck that prevents the successful deployment of AI/ML models and continuous delivery of evolving applications,” said Avi Weiss, Founder and Chief Executive Officer (CEO). "Datomize makes the generation and management of synthetic data simpler, more effective, and efficient, so that highly trained and hard to find data scientists can focus on analysis and strategy.”
There is a massive data shortage caused by data privacy laws that is limiting the effectiveness of development and training of AI/ML models. According to the Gartner Hype Cycle for Privacy released July 2020, authored by Bernard Woo and Bart Willemsen, "One of the major problems with AI development today is the burden in obtaining real-world data and labelling it so that AI may be trained effectively. Synthetic data addresses the problem of volume and variety for sparse, nonexistent or difficult to get data".
Datomize synthesizes new data that preserves the behavioural features of the original data without violating personal privacy regulations. Designed based on real customer data and insights from global banks, Datomize is uniquely able to process highly complex data structures with multiple dependencies and is fully scalable to process thousands of tables with millions of records. Datomize improves the efficiency and speed of developing and training AI/ML models and applications for hundreds of use cases, as companies become more data-driven in the new online economy.
“Datomize has the potential to enable enterprises to unlock the value of one of the most prized assets – their data. It eliminates one of the biggest concerns of executives and regulators, jeopardised privacy, by producing synthetic data which can be used for multiple business applications,” commented Dekel Persi from TPY. “We are particularly happy to back a founding team which combines a successful entrepreneurship track record with technological depth.”
Jonathan Saacks from F2 commented, "We are backing Datomize because they have the right solution at the right time. They are supplying exactly what organisations need to accelerate their digital transformation initiatives. Designed using real word data from international banks, Datomize has the ability to unlock the value organisations can receive from their data with the scale and speed global organizations need so that their AI/ML models are more powerful, accurate, and can become fully operational faster.”
The three Datomize co-founders include Avi Weiss, CEO, previously co-founder of ObserveIT, acquired by Proofpoint, Sigal Shaked, CTO and PhD in Software and Systems Engineering with over 15 years of experience in research and implementation of data solutions, and Roy Yogev, who has helped Fortune 500 companies bring new ideas to market for over 25 years.