Nationwide Building Society, Wells Fargo, and Intesa Sanpaolo have participated in a $9 million Series A funding round for British synthetic data innovator Hazy.
The funding round was led by Conviction and included contributions from UCL Technology Fund, M12 (Microsoft), ACT Venture Partners, Terra VC, Evenlode, Logo Ventures, and Sarus Ventures.
Founded in 2017 as a spinout from University College London, Hazy specializes in AI-generated synthetic data that maintains the statistical integrity of real data while eliminating any actual personal information, thus mitigating privacy risks. This technology allows for its use as a substitute for real data in applications such as AI/ML development, software testing, and data commercialization.
Hazy has garnered significant recognition, including the $1 million Microsoft Innovate AI prize for the best AI startup in Europe, and has attracted major clients like Nationwide and Wells Fargo.
Harry Keen, CEO of Hazy, stated, “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.”