- Aindo uses generative AI to develop artificial datasets for AI companies.
- The Italian startup has raised $6 million in Series A funding from United Ventures.
- Check out the 13-slide pitch deck used to secure the fresh funds.
United Ventures has just invested $6 million in a startup that uses generative AI to generate synthetic data.
Aindo, an Italian startup founded in 2018, developed and patented a technology that can generate artificial data that mimics the characteristics and patterns of the original dataset. This data can then be used to train AI models in a variety of industries.
“The data has the same utility, but it’s completely new,” said Daniele Panfilo, cofounder and CEO.
“It’s also devoid of sensitive information, so it doesn’t violate GDPR,” Panfilo added, referring to Europe’s stringent data-privacy regulations.
Data is a valuable currency for AI companies, which require massive datasets to train their models effectively. According to Gartner, by 2024, 60% of the data used for AI will be synthetic.
According to Panfilo, Aindo’s ultimate goal is to generate this data to aid in AI adoption. “We realize that one of the major roadblocks in AI adoption is access to data,” he told Insider in a statement.
Because of Europe’s data protection laws, obtaining certain data points, such as medical records or patient information, is difficult. Panfilo’s goal is to “solve the problem of privacy in an elegant way,” so that Aindo’s synthetic datasets are useful as well as GDPR-compliant.
The startup believes that its technology has enormous potential, particularly in sectors such as healthcare, finance, banking, and insurance. Aindo currently has a license-based platform as a business-to-business software company. It charges clients based on the amount of data generated, the structure of the data, and a variety of other factors. However, in the long run, it hopes to provide data as a service across a variety of industries.
In the midst of a slump in the broader tech market, generative AI has been a bright spot; Panfilo said that the buzz for the technology did help when fundraising, but the main selling point was that the startup had a recurring customer base.
United Ventures, an Italian venture capital firm that has previously backed Cazoo and Datrix, led the Series A funding round. Existing investor Vertis contributed additional funds.
Aindo, which has “been biased towards technical profiles,” according to Panfilo, will use the funds to increase marketing and business hires. Its goal is to increase its annual recurring revenue so that it can raise another round of funding and expand across the European market.