Syntheticus picks up speed

Privacy regulation is becoming more and more restrictive. Public and private entities are facing major risks when handling sensitive data due to improper data privacy and inability to leverage existing data. One answer to this is synthetic data. Synthetic data is artificially-generated, yet anonymized data that mimics the original data. It mimics the original data by learning the correlations and thus keeping the same statistical distributions as the original data. Being truly anonymous, synthetic data is compliant with existing regulations and exempt from potential fines and penalties.

Syntheticus has developed a synthetic data platform that is already being used by companies from Finance, Marketing and Pharma. The startup has signed NDAs with almost all of its customers. One Syntheticus CEO Aldo Lamberti can name, however, is Adcubum, a leading software manufacturer for the international insurance industry. Syntheticus startet a pilot and is now intensifying the collaboration.

The startup from Zurich was also able to attract an experienced investor. It has closed a seed round with Hammer Team, the investment vehicle of Ariel Luedi. Hammer Team supporst software companies during their startup and growth phase and provides its companies with venture capital but also with expertise in different areas required to grow a company (Sales Ops, Product Management, Customer Success, Finance, Marketing, Legal, Tax or Branding). 

Syntheticus is now getting a further boost through a partnership with Cysec, an operating system provider leveraging Confidential Computing based in Lausanne. Thanks to the joint proposition of Cysec’s leading secure OS solution with Syntheticus' privacy preserving synthetic data capabilities, public and private organizations can benefit from powerful Cloud Service Provider analytic tools to extract the maximum data value without breaking the isolation between their data and the CSP.

These days, corporate data is growing in number and increasingly recognized as having business value. Cloud solution providers (CSPs) offer the most effective data analytics tools, such as Google Analytics, to extract value from data within organizations. However, organizations must comply with data protection and privacy regulations that limit or even forbid access to these tools.

“Cysec and Syntheticus team up to offer a solution enabling the migration of more sensitive data and workloads into the cloud. Our solution provides protection of data in the cloud with respect to cloud administrators or users while it allows benefiting from the use of CSP data analytics tools” says Mathieu Legré, VP Product at Cysec.

The combination of a trusted operating system and a multi-type synthetic data platform is beneficial across various industries, such as banking, insurance, healthcare and also retail. For years, businesses such as banks have strived to make the most of customer data to improve data-driven decision making for new revenue streams. Banking is an illustrative example but only one of many industries that have had challenging data analytics architectures in the past and who are now provided with an efficient and privacy preserving solution to tackle them.

Aldo Lamberti, CEO of Syntheticus, highlights the win-win solutions that this partnership makes possible now : “Our joint proposition is a game changer and represents a significant step forward in offering first-class confidential synthetic data solutions. Sensitive, unused but highly valuable information is turned from a liability into an asset for better and more intelligent business decision making. This results in a tremendous added value for organizations.”

The Cysec-Syntheticus strategic global partnership brings together deep skills in advanced Privacy-Enhancing Technologies marrying cutting-edge AI with state-of-the-art cryptography as well as profound know-how on product integration to help support clients through successful digital transformations.

(Press release / SK)