SG firm raises $1.65m for privacy-preserving synthetic data platform

Betterdata founders Uzair Javaid (left) and Kevin Yee / Photo credit: Betterdata

Synthetic data resembles real-world data but does not contain any personal or sensitive information. It can support businesses in accessing and sharing data as well as in complying with global privacy laws.

It can also help AI firms produce better outcomes. Research firm Gartner estimates that real data will be replaced by synthetic data in training AI models, as it can provide more accurate and balanced information and is cheaper to produce. It also helps AI firms circumvent ethical and privacy concerns that come with using real-world data.

One company looking to drive the industry forward is Singapore-based Betterdata, which recently raised new funding in a round led by Investible.

Funding details

• Funding amount: US$1,650,000
• Lead investor: Investible
• Other investors: Franklin Templeton Investments, XCEL Next Ventures, Singapore University of Technology and Design, Bon Auxilium, Tenity, Plug and Play, Entrepreneur First
• Stage: Seed
• Source

Betterdata uses privacy engineering tools and generative AI – the tech that powers bots like ChatGPT and Google’s Bard – to create data that maintains information, accuracy, and fairness without exposing or destroying the original source.

The company was founded in 2021 by Uzair Javaid and Kevin Yee to address the challenges of data protection and privacy. Betterdata plans to launch its product publicly, improve its tech stack, hire more staff, and expand across the Asia Pacific region in the next one to two years.

Apart from serving customers from various sectors including finance, public agencies and AI tech, Betterdata has partnered with leading academic institutes in Singapore and the US.

More details