Synthesized, a provider of software services to generate, maintain and manipulate data sets for data-driven projects, has raised $2.8m in a new round of funding.
The financing was co-led by Cambridge-based IQ Capital and Mundi Ventures, with participation from Seedcamp, Pretiosum Ventures, and a number of finance and technology executives in the UK and US.
Synthesized’s core product turbocharges any relational datasource and streamlines the complicated process of data provisioning for data users.
Financing from the round will be used to double the number of its employees in London, and build out its sales and product teams.
“Synthesized substantially reduces the time to develop and comprehensively test data-driven projects and as a result empowers engineers to build better products and services for end users.” said Nicolai Baldin, CEO and Founder of Synthesized in a statement. “With the new funding from IQ Capital and Mundi Ventures, Synthesized is well-positioned to facilitate its business operations to turbocharge development processes across many sectors, such as finance, insurance and healthcare. We will continue to double down on bringing the highest quality data infrastructure to our clients and partners.”
“Responsible organisations are waking up to the need to ensure that their deployed machine learning systems are fair and unbiased, as well as being robust and accurate. Synthesized’s ability to create multiple, balanced data sets in a flexible way gives organisations and their customers the confidence they need in deployed production systems, while also greatly speeding up the development process. We were extremely impressed with the team and their thought leadership in this field,“ said Ed Stacey, managing partner at IQ Capital.
Javier Santiso, CEO and Founder of Mundi Ventures, said that “the insurance industry depends on data to support informed risk selection and underwriting, create new products, handle claims management, automate processes and improve the customer experience. Synthesized reduces friction on data provisioning and preparation, and enables insurers to share data safely complying with regulations, which is going to drive more innovation in the sector. The prospects for Synthesized are bright and we see the impact of synthetic data permeating almost every industry.”
Alma Mundi Insurtech Fund is a Venture Capital fund from Mundi Ventures investing in Insurtech startups across Europe and Israel. The investments range from early Seed and Series A, to Series B and later stages. The headquarters are in Madrid and the portfolio includes insurtech startups in London, Paris, Amsterdam, Berlin and Tel Aviv. They bring value to entrepreneurs by leveraging their LPs, leading European insurers, including Mapfre and the NN Group, and a global network, called the Mundi Club, which groups more than 750 C-level executives in more than 50 cities worldwide. The Club is made up of senior executives, including many Chairmans, CEOs, CIOs, from hundreds of companies including Amazon, Cisco, Nokia, Telefónica, PepsiCo, Renault, Intel, Radisson, Schneider, and Paypal.
IQ Capital is a venture capital firm, based in Cambridge and London, that invests in ‘deeptech’ across sectors including machine learning, AI, robotics, and advanced engineering and materials, and data-focused propositions based on disruptive algorithms. All of the firm’s portfolio companies are capable of dominating their respective markets on a global scale. Initial investments range from £300k to £5m, with capacity for follow-on investment up to £30m.
The IQ Capital team has achieved over 20 exits to date, to companies including Oracle, Google, Apple, Huawei, and Facebook, and several IPOs. IQ Capital has led 28 investments over the last three years. The firm is currently investing at seed and Series A stage from its third venture fund.
For more information, please visit: IQ Capital
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