Datomize raises USD 6 million through TPY Capital-led funding round

By Akshay Kedari  Date: 2021-02-05

Datomize raises USD 6 million through TPY Capital-led funding round

Computer software startup Datomize, has reportedly raised USD 6 million in a seed funding round led by TPY Capital for expanding the capabilities of its synthetic data solution which shortens time to market for new products and machine learning/artificial intelligence models that foster business development.

Sources confirmed that the funding also saw participation from F2 Venture Capital, its first investor, which has been known to support innovative AI and big data companies.

Founder and CEO, Avi Weiss, stated that Datomize’s synthetic data transforms ML/AI and IT lifecycle by eliminating the bottleneck that prevents successful deployment of ML/AI models and continuous rollout of evolving applications.

He further said that Datomize makes management and generation of synthetic data much more simple, effective, and efficient so that highly skilled and exceptional data scientist can focus their efforts on analyzing and strategizing.

It is to be noted that there is an enormous data shortage due to data privacy laws that are hindering the efficacy of the development and training of ML/AI models, and this is where synthetic data comes into play. In this context, the Gartner Hyper Cycle for Privacy, published in 2020, cites that one of the major obstacles with AI development in today’s world is the burden in procuring real-world data and labeling it for effectively training AI, and these problems could be resolved by Synthetic data.

Sources knowledgeable about the matter stated that Datomize creates new data that replicates the behavioral features of the original data without breaching personal privacy regulations. As the software is based on data from a real customer and global banks, it can process highly complex data structures with several dependencies and is completely scalable to process thousands of tables together with millions of records.

As companies become more data-driven in the online economy era, Datomize is looking to enhance the speed and efficiency of building and training ML/AI and applications for numerous use cases of enterprises across different industries.

Source Credits –

https://www.prnewswire.co.uk/news-releases/datomize-secures-6-million-seed-round-funding-for-enterprise-grade-synthetic-data-solution-875175415.html

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More

More News By Akshay Kedari

Tiger Global looking to raise USD 10 billion to create new venture fund

Tiger Global looking to raise USD 10 billion to create new venture fund

By Akshay Kedari

American investment firm Tiger Global is reportedly looking to create a capital fund for startups by securing USD 10 billion from investors. So far, the company has participated in over 100 investment rounds since the past three months and has manage...

Urban Company secures USD 190 million in funding round led by Prosus

Urban Company secures USD 190 million in funding round led by Prosus

By Akshay Kedari

Urban Company, an Indian gig marketplace that provides home maintenance services, has secured USD 190 million in a funding round which was led by Prosus N.V. Other participants in the fundraising included companies such as Steadview Capital, Tiger Gl...

Samsung might launch a foldable Android tablet in first quarter of 2022

Samsung might launch a foldable Android tablet in first quarter of 2022

By Akshay Kedari

After introducing three foldable smartphones in the past couple of years, South Korean multinational conglomerate Samsung Electronics is reportedly working on its first tri-folding Android tablet. According to reliable sources, the new product is lik...

Remote hiring startup Deel secures USD 156 million in Series C funding

Remote hiring startup Deel secures USD 156 million in Series C funding

By Akshay Kedari

Deel, a company that specializes in offering recruitment, payroll, and compliance tools, has reportedly secured USD 156 million during a Series C funding round which was led by YC Continuity Fund. The California-based startup has now reached a valuat...

Audi unveils the A6 e-Tron concept with 700 km range and 800 Nm torque

Audi unveils the A6 e-Tron concept with 700 km range and 800 Nm torque

By Akshay Kedari

Audi AG, a German multinational auto manufacturer of luxury vehicles has unveiled the A6 e-Tron concept which is soon likely to be made available globally. The production version which is expected to have a range of 700 km (more than 400 miles) is to...