Highly commended by Rise for FinTech Company of the Year Award 2021!
Synthesized has created the data-ops platform that solves the problem of collaborating securely on sensitive data.
There is a strong need for operational agility, fast cycle times so it’s not a surprise that the market of DevOps solutions has grown significantly over the last 14 years. Data science, analytics, machine learning and data-driven testing are relatively new concepts in comparison to traditional software development, yet the challenges faced by data departments in their data today are similar to those traditional software and operational departments were facing before the DevOps revolution: long cycle times, poor quality, compliance, long time to market.
From traditional databases to data warehouses and finally data lakes, the amount of data has grown significantly. Too much data can be overwhelming, making it difficult to identify the ‘signal’ from the noise in redundant data. Today, scientists are spending 70% of their time sanitising data, and more than 60% of enterprise data is unused. Synthesized has created the data-ops platform that solves the problem of collaborating securely on sensitive data.
Without high-quality data, specialists cannot focus on their key role of innovating and developing data-driven products. Instead, their main concern is whether or not they can trust the data they’re working with. Their time is taken up with cleaning and verifying the data, which significantly slows down innovation.
Synthesized enables any company in any industry to productise their data and seemingly utilise new data products internally for testing, analytics and data science, thus innovating faster, better and more responsibly. There is an immediate opportunity across industries that are dealing with two issues: growing volumes of data and sensitive data.
While the company’s initial focus has been to support customers across insurance, financial services and public bodies, and healthcare, it is now making the solution available to other industries, such as retail, technology and telecommunications. The immediate market opportunity for Synthesized is in excess of US$6 billion.
Impressive achievements so far
Synthesized has been recognised in many awards, including ‘Finalist: AI Company of the Year’ at the British Data Awards, and ‘Most innovative AI solution’ at the Computing AI and Machine Learning Awards.
In a recent Gartner report, Synthesized was named a Gartner Cool Vendor! Analysts commented: ”Organisations that are coming under increasing security to ensure their AI models are performing within legal and ethical bounds when it comes to bias and fairness should consider Synthesized."
Last year, the company collaborated with the UK’s Financial Conduct Authority (FCA) and the City of London on an industry initiative focused on building a better synthesised transactional bank fraud model. The collaborative, safe-to-share, synthesised data it developed has been vetted by Dr. Derek Snow of the Alan Turing Institute.
On an ambitious growth journey, Synthesized is focusing on expanding into other markets, particularly the US. In doing so, it will bring on board the best talent, both at management and operational level, and scale up its distribution channels.
How being part of Rise supports the business
The team at Synthesized have found it empowering to be part of a community of like-minded global innovators. The support of the community and the access to top-level experts, mentors, potential investors and partners are especially valuable to this fast-growing company.
Companies that have influenced Synthesized include:
- Microsoft for its high-quality products and services in cloud computing, its leadership, growth mindset and work in corporate social responsibility.
- Snyk, a thought leader in DevSecOps that helps software-driven businesses develop fast and stay secure.
- Gitlab, a thought leader in DevOps, is a great source-code repository and version-control system for software application development.
The team also admires Bill Gates – for his vision, leadership, competitive mindset, customer obsession and the ability to identify new revenue opportunities, gradually allowing his company to grow without him at the helm.