British generative AI and synthetic data services player Hazy has raised $9m in Series A funding. The investment was led by Conviction, with participation from the likes of UCL Technology Fund, M12 (Microsoft), Nationwide Building Society, and others.
Originally a University College London AI spin out, Hazy uses AI-generated smart synthetic data that preserves the statistical quality of the real data, but contains no real information and therefore eliminates the privacy risk.
Its data can be used as a drop-in replacement for real data for AI/ML development, software testing and data commercialisation use cases.
Customers include Nationwide Building Society, Vodafone Group and Wells Fargo. The raise will enable Hazy to continue to grow within the banking, telecoms and other sectors in the UK, Europe and the US, it said.
Harry Keen, co-founder and CEO of Hazy, said: “The response from businesses to the capabilities of synthetic data has been huge. Enabling our customers to access and actually use their data unlocks real commercial value.
“This funding will solidify our position as the leading synthetic data provider for enterprises to unlock value through their data and enable us to explore the greater potential of generative AI to produce real results for businesses, with no privacy limitations.”
