Established Singaporean startup Betterdata aims to protect real data by employing synthetic, programmable solutions, and has recently secured an impressive $1.55 million in seed funding. The round received oversight from Investible, and drew support from several prominent corporations and investors, such as Franklin Templeton, Singapore University of Technology and Design, Xcel Next, Bon Auxilium, Tenity, Plug and Play, and Entrepreneur First.
Betterdata began operations in 2021, spearheaded by CEO Dr. Uzair Javaid and chief technologist Kevin Yee. Responding to increasing worldwide data protection regulations, the dynamic duo set out to expedite and optimize data sharing processes. The company currently collaborates in research and development endeavors with two vast university networks in Singapore and the US. Additionally, Betterdata provides services to clients including prominent institutions like Shanghai Pudong Development Bank.
What sets Betterdata apart from conventional data sharing methods is its innovative strategy of combining generative AI with privacy engineering. Traditional methods involve data anonymization practices aimed at destroying sensitive data. In an interview with TechCrunch, Yee explained the unique process behind Betterdata's approach, which utilizes generative models such as deep learning models, diffusion models, and generative adversarial models used in deepfakes, chatbots, and stable diffusion technologies to build and enhance new datasets.
The resulting datasets exhibit comparable attributes and structure to real-world data, while successfully mitigating potentially compromising or confidential information related to individuals. Yee further noted that this imaginative solution establishes a fictional version of actual datasets, which can then be employed safely for numerous purposes, such as safeguarding private data, minimizing bias, and refining machine learning models.
Developers will encounter a variety of benefits through utilizing Betterdata's programmatic synthetic data, including heightened privacy measures, improved adherence to data protection regulations like GDPR and HIPAA, increased access to data between teams, and expanded resources for training, testing, and verifying machine learning models. Furthermore, Betterdata's technology can help address data imbalance issues by generating additional records for underrepresented groups or classes.
Betterdata has plans to earmark the recently raised funding for product launches as well as enhancing its programmable synthetic data tech stack, with an emphasis on single-table, multi-table, and time-series datasets. Yee outlines the key distinctions between these variations of tabular datasets, which encompass their unique structures and the specific issues and challenges they address.
The startup also intends to recruit new hires in the sales and marketing departments, while also looking to expand its operations beyond the confines of Singapore, extending its reach within the Asia-Pacific region over the coming one to two years.
Investible principal Khairu Rejal praised Betterdata's revolutionary business model, highlighting the company's ability to resolve one of the AI industry's most pressing issues: sourcing high-quality data that adheres to privacy requirements. Betterdata's robust platform synthesizes data that simulates real-world contexts, without jeopardizing quality or privacy, ensuring that businesses remain compliant with global privacy standards.
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