MOSTLY AI Launches Open Source Toolkit for Synthetic Data Creation
Austrian synthetic data startup MOSTLY AI is releasing an open source toolkit for producing synthetic data from real customer data. The toolkit is freely available now.
According to the company, this move will make the firm’s state-of-the-art synthetic data technology freely available, so that any developer, business, enterprise, or organization can create synthetic data—artificial data that mimics real-world data—from their real-life data in situ, without having to engage MOSTLY AI as a paid partner.
The announcement comes as industry experts warn the AI sector is already running out of data to train its large models on. At the same time, reports indicate that data privacy and security issues concerning customer data are holding back the training and development of AI tools and products at the enterprise level.
MOSTLY AI’s synthetic data technology allows customer data to be realistically mimicked, retaining the statistical and analytical value of the data, but without any personal data points attached. The synthetic data then poses no privacy or security risk and can be shared without friction within and between organizations, transforming the ability of teams to develop and test new AI tools and data products, the company said.
MOSTLY AI argues that synthetic data, which is anonymous yet analytically as useful as real customer data, is the solution to breaking this AI innovation bottleneck.
“Our mission has always been to empower every business and every individual with safe access to data. With the open-source release of our industry-proven synthetic data toolkit, we can unlock the ability of all businesses to harness the full power of their proprietary data with zero compromises on privacy,” said Alexandra Ebert, chief AI and data democratization officer at MOSTLY AI.
The business, which launched in 2017, counts among its clients some of the world’s largest and most influential enterprises, including Citi Bank, the U.S. Department of Homeland Security, Erste Group, Telefonica, and two of the five largest U.S. banks.
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