MOSTLY AI has raised $25 million funding to advance its artificial intelligence (AI) synthetic data platform, the company announced on Tuesday (Jan. 11).
The Series B financing round was led by Molten Ventures with contributions from existing investors Earlybird and 42CAP, and new investor Citi Ventures.
Vienna-based MOSTLY AI said it will use the funds to accelerate its growth in the banking and insurance sectors in Europe, capture more of the U.S. market and increase its hiring worldwide.
“MOSTLY AI is leading this emerging and rapidly-growing space in terms of both customer deployments and expertise,” Christoph Hornung, investment director at Molten Ventures, said in a statement. “It is the top platform for structured synthetic data worldwide, and … together we can strengthen that position and accelerate MOSTLY AI’s hyper growth in the banking and insurance space.”
Proponents say synthetic data looks as authentic as a company’s original customer data and it reflects behaviors and patterns with as much as 99% accuracy. Among its benefits is that it lacks personal data, and is intended to help firms comply with privacy protection regulations, such as the General Data Protection Regulation, the European Union’s data protection and privacy law.
A study by PYMNTS and Brighterion, a Mastercard company, of executives from acquiring banks in the U.S. discovered how AI is being used to root out fraud and identify unprofitable accounts to boost acquirers’ bottom lines.
The Playbook is based on a survey of 104 executives at acquiring banks conducted from Sept. 22 to Oct. 14, providing a firsthand look at how AI has helped acquiring banks enhance their businesses.
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