MOSTLY AI, a Vienna, Austria, and New York-based which pioneered the creation of AI-generated synthetic data, announced that it raised $25 million in Series B funding.
The round was led by Molten Ventures, with participation from existing investors Earlybird, 42CAP, and new investor Citi Ventures.
The company will use the funds to execute its vision to build a smarter and fairer future grounded in responsible AI. Building on its established leadership in banking and insurance, MOSTLY AI plans to further accelerate its growth in Europe, aggressively capture more of the US market, and ramp up hiring worldwide.
Company: Mostly AI Solutions MP GmbH
Raised: $25.0M
Round: Series B
Funding Month: January 2022
Lead Investors: Molten Ventures
Additional Investors: Earlybird and 42CAP, and Citi Ventures
Company Website: https://mostly.ai/
Software Category: Synthetic Data Platform
About the Company: MOSTLY AI pioneered the creation of synthetic data for AI model development and software testing. MOSTLY AI’s synthetic data technology has been proven to reduce time-to-data by 90 percent, save larger companies $10M+ annually on data provisioning and internal overhead, and boost available data by 85 percent for test data generation through data synthesis. The fast-growing company currently works with multiple Fortune 100 banks and insurers in North America and Europe and has the deepest expertise in helping companies get business value out of synthetic data.
Source: https://www.globenewswire.com/news-release/2022/01/11/2364807/0/en/MOSTLY-AI-Raises-25M-to-Bring-Synthetic-Data-to-Every-Enterprise.html