Pioneering the synthetic data revolution. Our investment in Aindo
October 18th, 2023
We are excited to announce our investment in Aindo, an innovative Italian startup that originated from the International School for Advanced Studies (SISSA) in Trieste. We led their €6 million Series A round with participation from existing investor Vertis. This new funding will allow Aindo to grow the team and continue developing solutions that facilitate the use of artificial intelligence in strategic sectors such as healthcare, finance, and public administration.
Aindo’s mission is to help the world embrace the power of artificial intelligence. Founded in 2018 by AI experts Daniele Panfilo (CEO), Sebastiano Saccani (Head of R&D), and Borut Svara (CTO) with the vision to harmonize technological innovation with privacy protection, fairness, and reliability, Aindo has developed a synthetic data platform, powered by generative AI.
An impressive 85% of AI projects fail to transition to the production phase, primarily due to the substantial data requirements these initiatives demand. Organizations need access to comprehensive, unbiased, and secure data sets, but procuring such data often incurs significant costs. This is where Aindo provides an innovative solution. The platform generates synthetic data algorithmically, bypassing traditional empirical collection methods. The result is artificial yet convincingly realistic data, free from privacy concerns, and a realistic mimicry of real-world data. Synthetic data ensures rigorous privacy protection, enables data augmentation for more precise AI models, and provides a powerful tool for reducing bias and improving representation. It facilitates data mobility and reusability, and offers substantial efficiency and resource savings.
Aindo’s synthetic data has already demonstrated its potential across various sectors. In healthcare, it aids institutions in safely sharing patient data for research and enhancement of diagnostic methods. In the insurance industry, it streamlines the evaluation of potential technology providers. For banking, it enables the provision of personalized financial advice to clients while maintaining stringent data privacy protocols. The growth trajectory of synthetic data is notable. Research from Gartner suggests that by 2024, synthetic data will form 60% of the data used in AI projects, a dramatic increase from the mere 1% in 2021. Similarly, a study by Grand View Research forecasts that the global synthetic data market will be valued at €1.79 billion by 2030.
We believe that Aindo will play a significant role in driving this growth, providing innovative and responsible solutions for organizations across multiple sectors. Generative AI, at the heart of Aindo’s operations, was once a nascent concept, largely confined to academia. It has now rapidly evolved into the next billion-dollar tech category. Aindo aims to harness this potential to make data-driven innovation more secure and ethically responsible across industries. We share Aindo’s vision that synthetic data can solve many problems faced by the ongoing AI revolution. Synthetic data provides a crucial tool to fully exploit AI’s potential while ensuring privacy in data management.
We are confident in the ambition of Daniele and his team to scale their solution internationally, and we are thrilled to contribute to this funding round, and even more excited that Aindo marks our inaugural commitment from UV3, United Ventures’ recently launched early-stage fund. Synthetic data is a key enabler of artificial intelligence innovation and the Aindo platform is set to democratize and accelerate AI innovation, leveling the playing field and enabling all companies to participate in the data science revolution. We’re proud to be part of this journey and look forward to seeing the impact Aindo will make in the world of synthetic data.