Datomize, an Israeli startup developing a synthetic data platform for financial institutions, secured a $6 million Seed round. The investment was led by TPY Capital, with F2 Venture Capital also participating.
Who are you synthetic data?
Datomize synthesizes new data that preserves the behavioral features of the original data without violating personal privacy regulations. Designed based on real customer data and insights from global banks, Datomize is uniquely able to process highly complex data structures with multiple dependencies and is fully scalable to process thousands of tables with millions of records. Datomize improves the efficiency and speed of developing and training AI/ML models and applications for hundreds of use cases, as companies become more data-driven in the new online economy.
The Datomize platform synthesizes new data that preserves the behavioral features of the original data without violating personal privacy regulations. In a conversation with Geektime, CTO and co-founder Sigal Shaked PhD explained that it’s essentially artificial data, formed through artificial intelligence. “Machine Learning algorithms extract behavioral characteristics from the original data, and based on the behavior create synthetic data. This creates an almost identical data twin, which cannot be used to speculate anything from the original data.”
The synthetic data is used alternatively through various stages of development, allowing secure collaboration between organizations, along with stable and secure cloud environment. In addition, the synthetic data can be used to generate data dedicated for bottleneck tests or to improve the ML based processes required for massive amounts of data.
"Datomize’s synthetic data revolutionizes the AI/ML and IT lifecycle by removing the major bottleneck that prevents the successful deployment of AI/ML models and continuous delivery of evolving applications,” said Avi Weiss, Founder and Chief Executive Officer (CEO).
The company noted that Datomize’s difference maker lies in the company’s user-friendly synthetization process. "Datomize makes the generation and management of synthetic data simpler, more effective, and efficient, so that highly trained and hard to find data scientists can focus on analysis and strategy,” added Weiss.
Datomize was founded in 2020 by CEO Avi Weiss, co-founder of ObserveIT - acquired in 2019; CTO Sigal Shaked; and VP of Business & Marketing Roy Yogev. Datomize has 17 employees working out of the Israel based headquarters, and is currently establishing a foothold in the U.S. and Europe.