Insuretech startup gains $2.8m in funding from IQ Capital and Mundi Ventures

March 10, 2020

Insurance AI startup Synthesized has successfully raised $2.8 million in funding, in a round led by IQ Capital and Mundi Ventures.

The startup reduces friction on preparing all the data that’s needed to help insurer share data safely, while complying with regulations. 

The funding round also included contributions from Seedcamp, Pretiosum Ventures, and certain finance and technology executives in the UK. The funds will be used to double the number of Synthesized employees in London, and build out sales and product teams.

Synthesized Co-founder, Nicolai Baldin (right), said: “Synthesized substantially reduces the time to develop and comprehensively test data-driven projects and as a result empowers engineers to build better products and services for end-users.

“With the new funding from IQ Capital and Mundi Ventures, Synthesized is well-positioned to facilitate its business operations to turbocharge development processes across many sectors, such as finance, insurance and healthcare.”

Ed Stacey, managing partner at IQ Capital, said: “Responsible organizations are waking up to the need to ensure that their deployed machine learning systems are fair and unbiased, as well as being robust and accurate. Synthesized’s ability to create multiple, balanced data sets in a flexible way gives organizations and their customers the confidence they need in deployed production systems, while also greatly speeding up the development process.”

Javier Santiso, CEO and Founder of Alma Mundi Ventures, said: “The prospects for Synthesized are bright and we see the impact of synthetic data permeating almost every industry.”