Synthetic Data Startups likely to attract more investors in coming years
- ByStartupStory | April 23, 2022
The nascent market of synthetic data—or artificially manufactured data—is attracting more investors now. Within the last year, several big tech companies, like Microsoft, Google, and Amazon, have all talked openly about their use of synthetic data.
In October 2021, the social media giant Facebook acquired New York-based synthetic data generator AI. Reverie. In November 2021, Nvidia said it was creating an engine for generating synthetic data for training Artificial Intelligence networks. Interest in the space has even worked its way into the venture capital world.
According to Crunchbase data only about two dozen companies in the space have received funding in the last two years. In the last several months, several synthetic data startups have raised some significant funds. For e.g., San Diego-based synthetic data creator Gretel.ai closed a 50 million USD Series B funding round led by Anthos Capital last October. Israel-based Datagen also made headlines and closed a $50 million Series B led by Scale Venture Partners in March. Another example of synthetic data startups attracting investors include the Austria-based synthetic data generator MOSTLY AI, raising a $25 million Series B led by Molten Ventures in January this year.
These rounds indicated that people and investors are now warming up to the concept of Synthetic data and are likely to approach these startups with more curiosity and less skepticism.
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