The startup Betterdata, which is based in Singapore and uses synthetic data to ensure the protection of real information, announced the attraction of investment funds for $ 1.55 million.
As a result of the initial round of financing, an oversupply was received. This round was conducted by Investible with the participation of Franklin Templeton, Xcel Next, Singapore University of Technology and Design, Bon Auxilium, Tenity, Plug and Play, and Entrepreneur First.
The startup was founded in 2021 by Dr. Uzair Javaid and technologist Kevin Yi. The initial goal of the company’s activities was to create conditions for faster and safer data exchange as information security standards are tightened around the world. The firm cooperates with the largest universities in Singapore and the USA. Among the startup’s clients is Shanghai Pudong Development Bank.
Betterdata says that the fundamental difference between its data exchange technology and traditional methods is that instead of anonymizing confidential information, generative artificial intelligence and privacy development are used.
Yi said that software synthetic data uses generative models, including deep learning models and adversarial models. The startup also uses transformers applicated in ChatGPT and diffusion models applicated in stable diffusion. This is necessary to create new arrays of information and supplement existing ones.
The volumes of data created by generative technologies correspond to real information in terms of structural features and characteristics. At the same time, the possibility of disclosure of confidential and private information about individuals is excluded.
A startup creates an alternative version of a real data array that can be used for various purposes without compromising security. Also, in this case, machine learning models are improved and the probability of bias is reduced.
Software synthetic data helps developers in many ways. The protection of confidential data and compliance with the relevant rules are ensured. There are also arrays of artificially generated information for training, testing, and validating machine learning models and solving problems with data imbalance by creating more records for underrepresented groups or classes.
Betterdata will use the received funding to expand the technological stack of programmable synthetic data. These are different versions of tabular sets of information.
Betterdata also plans to expand its staff, including sales and marketing specialists. The startup has intentions to expand its scales of activity outside of Singapore, but within the borders of the Asian-Pacific region.
In a statement about the investment of Investable, director Khairu Rejal said that the startup solves one of the main problems of the artificial intelligence industry, which is the lack of high-quality data that meets the requirements of confidentiality.
As we have reported earlier, China’s Central Bank Warns Against ChatGPT Data Leaks.