Italian generative AI startup Aindo that develops synthetic data generation technology, has raised €6 million in Series A funding. The investment round was led by Italian VC United Ventures alongside participation from existing investor Vertis SGR through the fund Vertis Venture 3 Technology Transfer.
Aindo will use the fresh funds to grow the team by 10 more employees, and continue developing solutions that facilitate the use of AI in strategic sectors such as healthcare, finance, and public administration.
Growth in synthetic data market
Currently, the global synthetic data (data created artificially as opposed to generated by real-world events) market is growing. Gartner has estimated that it will make up 60% of the data used in AI projects by 2024, up from 1% in 2021. A study by Grand View Research forecasts that the global synthetic data market will be valued at €1.79 billion by 2030.
Founded by AI specialists Daniele Panfilo, Sebastiano Saccani, and Borut Svara in 2018, Aindo mission is to help the world embrace the power of AI, which is improving our lives in various aspects such as personalised medicine and decision automation. Besides wanting to be a leader in synthetic data, Aindo also intends to revolutionise the concept of data mobility, with particular attention to privacy protection.
In the healthcare industry, Aindo’s synthetic data generation technology is widely applied, from improving predictive analysis of pharmacological therapies in rare diseases to optimising patient care in a hospital setting, to monitoring remote healthcare by anticipating potential risk situations. Aindo’s Synthetic DataOps Platform covers all the functionality needed to transform raw data to value in a rapid, secure and intuitive fashion.
“We’re thrilled to announce this new funding round, which will fuel our growth at a crucial phase of the company’s development.” said Daniele Panfilo, co-founder and CEO of Aindo. “When we launched Aindo, Generative AI was barely known outside academic environments. In record time, it’s grown into the next billion dollar category in tech, thanks to its mind blowing capabilities that have captivated the world’s imagination. Our goal is to make data-driven innovation increasingly secure and ethically responsible for entire industries.”
Giulia Giovannini, partner at United Ventures, commented, ” The AI revolution still faces many obstacles, including data inaccessibility, long processing times, privacy concerns, and ethical issues related to data collection. Synthetic data is an answer to these problems, offering companies a tool of great importance to fully exploit the potential of artificial intelligence while ensuring the necessary privacy in data management. We believe that Daniele and his team have the right ambition to scale the platform internationally in the field of synthetic data, and we are excited to contribute to this round, as our very first investment from UV3, United Ventures recently launched fund.”
Roberto Della Marina, operating partner of Vertis SGR and managing partner of Venture Factory, added, “Synthetic data tech is undeniably one of the most promising emerging trends in AI. It’s what we call a horizontal innovation. In the coming years, the demand for synthetic data will be ubiquitous for all sectors relying heavily on data, particularly in healthcare, finance, and insurance. Aindo’s technology has the potential to impact millions of people’s lives.”
