Italian startup Aindo closes a €6 million Series A round led by United Ventures for synthetic data technology
60% of the data used in AI projects will be synthetically generated by 2024, up from 1% in 2021
Generative AI startup Aindo, which has developed and patented synthetic data generation technology, announces a €6 million Series A round led by United Ventures, with participation from existing investor Vertis SGR through the fund Vertis Venture 3 Technology Transfer. This new funding will allow Aindo to grow the team by 10 more employees and continue developing solutions that facilitate the use of artificial intelligence in strategic sectors such as healthcare, finance, and public administration.
Synthetic data is data that is created artificially as opposed to generated by real-world events. It’s manufactured algorithmically and used as a substitute for testing and training machine learning (ML) models.
Aindo’s team aims not only to consolidate its position as a leader in synthetic data but also to revolutionize the concept of data mobility, understood as the secure exchange of information, with particular attention to privacy protection.
We’re thrilled to announce this new funding round, which will fuel our growth at a crucial phase of the company’s development.
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. Most organizations possess valuable structured information stored within their databases that cannot be used due to privacy protection. Creating synthetic data with generative AI solves that: the data Aindo regenerates behaves similarly to real data while fully protecting individuals’ privacy.
says Daniele Panfilo, co-founder and CEO of Aindo.
United Ventures, a venture capital company focused on investments in high-tech companies, leads the investment round, a testimony to the growing role of synthetic data in promoting secure information exchange. Vertis, which invests in innovative Made in Italy projects, is betting on the strategic dimension of the technology.
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.
comments Giulia Giovannini, partner at United Ventures.
According to Gartner, synthetic data is among the emerging trends in AI. By 2024, 60% of the data used in AI projects will be synthetically generated compared to only 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.
The technology is in high demand from sectors ranging from healthcare and finance to banking and insurance. Notably, Aindo’s synthetic data generation technology in the healthcare sector is already widely applied, from improving predictive analysis of pharmacological therapies in rare diseases to optimizing patient care in a hospital setting to monitoring remote healthcare by anticipating potential risk situations.
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.
adds Roberto Della Marina, operating partner of Vertis SGR and managing partner of Venture Factory.
Aindo was born at Trieste’s International School for Advanced Studies (SISSA).
Daniele Panfilo is the Chief Executive Officer (CEO) and co-founder of Aindo. He is an expert in generative artificial intelligence (AI) and data privacy, obtaining his PhD from the University of Trieste in 2022. Before founding Aindo, Daniele gained over ten years of experience with AI development in the healthcare and insurance industries as a data scientist at Medtronic Bakken Research Center in the Netherlands and at Allianz, Italy, respectively. His work in these pivotal areas helped shape Aindo’s mission to enable artificial intelligence to add value to society while respecting our rights and freedoms.
Sebastiano Saccani is the Head of Research and Development and co-founder of Aindo. Sebastiano obtained a PhD in physics from the International School of Advanced Study (SISSA) in Trieste in 2013. He gained substantial working experience in mathematical finance and AI in the insurance sector. With Aindo, Sebastiano has established a unique environment for his scientific expertise and creativity to flourish.
Borut Svara is the Chief Technology Officer (CTO), overseeing IT infrastructure development. In this role, he combines his background in software engineering with an advanced understanding of AI and database management. This facilitates seamlessly integrating Aindo’s innovative technologies into a user-friendly platform. With Aindo, Borut combines his distinctive technical talent with a strong personal drive and entrepreneurial vision.