Synthetic data platform Mostly AI lands $25M

#artificialintelligence 

Did you miss a session from the Future of Work Summit? Austria-based Mostly AI, a startup that simulates synthetic data for AI model training and testing, today announced it has raised $25 million in a series B round from Molten Ventures. The company plans to use the investment to accelerate its work in setting the groundwork for responsible and unbiased AI, hiring fresh talent, and strengthening its presence across Europe and North America. For any modern-day enterprise, the biggest challenge associated with leveraging data for AI/ML is ensuring the privacy of its consumers -- the original source of the data -- and eliminating the possibility of any sort of bias due to historical or social inequities in that data. Organizations often find a hard time dealing with the two problems and either end up facing fines for privacy violations (under regulations such as GDPR) or train a model which is unfair on one or more parameters.

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