The insurance industry relies on data to support a number of functions that the average person on the street generally ignores, such as "informed risk selection", subscription and claims management. Like many industries, you would like to automate much of this, but it is not that simple.
Synthesized is a UK startup that tries to reduce friction in the preparation of all the data that is needed, to allow insurers to share data securely, complying with regulations. The more it happens, the more innovation can happen, such as ensuring a low carbon economy, something that will be increasingly important.
He has now raised $ 2.8 million in a new round of financing co-directed by Cambridge-based IQ Capital and Mundi Ventures, with the participation of Seedcamp, Pretiosum Ventures, and several finance and technology executives in the United Kingdom. Round financing will be used to double the number of its employees in London and develop its sales and product teams.
Co-founder Nicolai Baldin said: “Synthesized substantially reduces the time to develop and thoroughly test data-based projects and, as a result, allows engineers to create better products and services for end users. With the new funds of IQ Capital and Mundi Ventures, Synthesized is well positioned to facilitate its business operations to boost development processes in many sectors, such as finance, insurance and medical care. ”
Ed Stacey, managing partner of IQ Capital said: “Responsible organizations are realizing the need to ensure that their implemented machine learning systems are fair and impartial, as well as being robust and precise. Synthesized's ability to create multiple and balanced data sets in a flexible way gives organizations and their customers the confidence they need in the implemented production systems, while greatly accelerating the development process. Javier Santiso, CEO and founder of Alma Mundi Ventures, said "Synthesized's outlook is bright and we see the impact of synthetic data in almost every industry."
Synthesized competes in various ways with products from Gretel AI, Snorkel, Tonic AI, Hazy and Mostly AI.