Hazy, a UCL spinout with a mission to make data freely available for businesses without violating individual privacy, is investing 7.3 million dollars to strengthen its position as a major player in the synthetic AI industry. Raised a pound.
Hazy’s technology generates synthetic (artificial) data. This data replicates real data, but does not contain personal information. In an era of generative AI models like ChatGPT, data is more valuable to businesses than ever before, and the ability to generate synthetic datasets at scale is increasingly sought after. But stricter privacy laws and regulations mean most of the world’s data is locked and unusable. Hazy allows companies to test new products and technologies using synthetic data. Privacy restrictions don’t slow down innovation.
The increased funding will enable the team behind Hazy to accelerate its vision of becoming a global leader and revolutionize the way companies work with their most sensitive data.
Hazy was founded in 2017 as a spin-out from UCL by two experienced software entrepreneurs who worked with UCL researchers to develop early ideas for the business. CTO James Arthur is a software developer and formerly his CTO and co-founder of furniture company Opendesk. Our CEO, Harry Keen, is an engineer and developer who studied machine learning at Stanford University.
In their enterprising journey, the founders were united by one problem: data anonymization had not been addressed by computers. To provide a solution, they created Hazy, smart software that automates data anonymization, allowing developers and data scientists to share information securely.
Backed by university commercialization firm UCL Business (UCLB), Hazy’s rapid rise has earned it the $1 million (£802,000) Microsoft Innovate AI award for Europe’s best AI startup in 2018. It started with that and has been gaining momentum ever since.
Hazy co-founder and CEO Harry Keen said: Enabling customers to access and use data unlocks true commercial value. We are thrilled to be at the forefront of the synthetic data revolution. “
The latest funding round was led by private multi-stage investor Conviction VC and included an investment from Microsoft. The round also attracted investment from strategic investors including Wells Fargo, Nationwide Building Society, ACT Venture Partners, Terra VC, and Neva SGR, the venture capital firm of the Intesa Sanpaolo bank.
David Grimm, investment director at UCL Technology Fund, which invested in Hazy in its 2017 seed round, said: for a while. This funding will allow them to extend the tremendous traction they have built and we are pleased to continue to support them on their journey. “
Hazy is rapidly becoming a major player in the industry, and new investment will accelerate its vision of becoming a global leader in synthetic data, revolutionizing the way businesses handle their most sensitive data. .
Professor Geraint Rees, Vice President for Research, Innovation and Global Engagement at UCL, said: The support that UCL gave to his Hazy reflects the important role universities play in bringing to market companies with high potential to accelerate innovation. “
