QA Financial has been told that London-based Synthesized has received fresh capital from UBS Next, the venture and innovation investment unit of the Swiss banking giant.
Although the size of the investment was not disclosed, Nicolai Baldin, founder and the current CEO of Synthesized, did say “the UBS Next investment will enable Synthesized to grow and evolve our mission of providing high-quality, privacy-preserving training and test data for application development, AI/ML, and analytics.”
Synthesized Ltd is a fast-growing test data generation and provisioning platform, which provides engineering teams to create and share production-like test and training data through machine learning and automation.
“AI-based and more traditional software applications are only as good as the data used in their development.”
Nicolai Baldin
Baldin claimed his firm’s strategy is “unique”, namely an AI-driven, code-centric approach to populating database environments with production-like test data.
“This method is not just timely but essential, as it aligns with the growing need for efficient and secure data management in a rapidly evolving digital landscape,” Baldin said.
“It also allows for the creation of high-quality, privacy-preserving data, ensuring better software releases, quicker development times, and reduced data privacy risks.”
He stressed that among Synthesized’s clients are “leading global banks, financial institutions, insurance companies, healthcare firms, and government entities.”
Business model
In short, Synthesized enables engineering teams to have faster development cycles as its solution removes test databases and provisions time delays from the software development lifecycle, leading to faster time to market and increasing developer productivity.
Moreover, it optimises cloud spend, reduces data storage costs for non-production environments, and provides compliant datasets for migration to the cloud, Baldin added.
In addition, the firm has developed a way to improve application quality.
“It catches software bugs earlier when defects are less costly to address, while simultaneously improving application end user experiences.”
Finally, there is the element of compliant experimentation and innovation as “we reduce vendor onboarding time and data approval time for POCs, guaranteeing 0% production data leakage risk.”
“Companies increasingly rely on data for application development and AI/machine learning initiatives, the need for efficient and compliant production-like test data becomes paramount.”
Christopher Purves, UBS
Explaining the rationale behind the fresh investment, Dr. Christopher Purves, co-head of Group Emerging Technology and Global Head of IB Digital Platforms at UBS, believes “the market opportunity for Synthesized is vast and growing.”
He explained that “as companies increasingly rely on data for application development and AI/machine learning initiatives, the need for efficient and compliant production-like test data becomes paramount.”
Purves is convinced “Synthesized stands out by enabling software engineers to provision high-quality data on demand. It is intuitive as writing code and is a pioneering approach in the industry,” he concluded.
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