Betterdata Company Profile

Background

Betterdata, founded in 2021 and headquartered in Singapore, specializes in providing programmable synthetic data solutions. The company's mission is to enable enterprises and government institutions to share high-quality data swiftly and securely, ensuring compliance with global data protection regulations. By leveraging generative AI and privacy engineering, Betterdata addresses the challenges associated with data sharing in highly regulated industries, facilitating innovation while maintaining stringent privacy standards.

Key Strategic Focus

Betterdata's strategic objectives include:

Accelerating Data Sharing: Utilizing generative AI to convert real data into synthetic data, allowing for rapid and secure data sharing without compromising privacy.

Ensuring Compliance: Providing solutions that adhere to international data protection laws, enabling organizations to share data with 100% compliance.

Enhancing Data Utility: Generating synthetic data that mirrors the statistical and structural properties of original datasets, ensuring high utility for various applications.

Target Markets: Focusing on sectors such as financial services, telecommunications, healthcare, and retail, where data sensitivity and regulatory compliance are paramount.

Financials and Funding

Betterdata has successfully secured funding to support its growth and product development:

Seed Round (March 2023): Raised $1.65 million in an oversubscribed round led by Investible, with participation from Franklin Templeton, Xcel Next, Singapore University of Technology and Design, Bon Auxilium, Tenity, Plug and Play, and Entrepreneur First.

Previous Funding: Prior to the seed round, Betterdata raised $770,000 in October 2022.

The capital is intended for product launch, enhancement of the synthetic data technology stack, and expansion of sales and marketing efforts.

Technological Platform and Innovation

Betterdata's platform is distinguished by its proprietary technologies and methodologies:

Generative AI Models: Employing advanced deep learning models to create synthetic data that closely resembles real-world data in structure and behavior.

Privacy-Preserving Techniques: Implementing cutting-edge privacy engineering methods to ensure that synthetic data cannot be traced back to real individuals, thereby mitigating privacy risks.

Programmable Synthetic Data: Offering a platform that allows for the generation of synthetic data tailored to specific use cases, enhancing flexibility and applicability across various industries.

Leadership Team

Dr. Uzair Javaid, Co-Founder & CEO: Holds a Ph.D. in Computer Science from the National University of Singapore, with extensive experience in privacy engineering and blockchain security.

Kevin Yee, Co-Founder & CTO: Graduated with a BEng in AI from the Singapore University of Technology and Design, with a background in AI research and software development.

Competitor Profile

Market Insights and Dynamics

The synthetic data market is experiencing rapid growth, driven by increasing data privacy concerns and the need for high-quality data in AI and machine learning applications. The market is projected to expand significantly, with enterprises seeking solutions that balance data utility and compliance.

Competitor Analysis

Betterdata operates in a competitive landscape with several notable players:

Crayon Data: Founded in 2012, Crayon Data focuses on big data and AI-driven personalization solutions. It has raised $10.8 million in funding and employs between 100 to 250 staff.

Quadrant: Established in 2014, Quadrant specializes in data and technology solutions, including location data services. The company has a workforce of 25 to 100 employees.

H2O.ai: Founded in 2011, H2O.ai offers AI and machine learning platforms. With substantial funding of $243.1 million, it employs between 250 to 500 individuals.

These competitors provide various data solutions, but Betterdata's focus on programmable synthetic data generation with a strong emphasis on privacy compliance sets it apart in the market.

Strategic Collaborations and Partnerships

Betterdata has established significant partnerships to bolster its market position and innovation capabilities:

Research Collaborations: Engaged in R&D partnerships with leading academic institutions in Singapore and the United States to advance synthetic data technologies.

Industry Partnerships: Collaborated with organizations such as NVIDIA and the Asian Institute of Digital Finance to enhance technological development and industry reach.

Operational Insights

Betterdata's strategic considerations include:

Market Positioning: Differentiating through a focus on generative AI and privacy engineering to address data sharing challenges in regulated industries.

Competitive Advantages: Offering a unique combination of high-quality synthetic data generation and strict compliance with data protection laws, providing a compelling value proposition to enterprises.

Strategic Opportunities and Future Directions

Betterdata's roadmap includes:

Product Enhancement: Continuing to develop and refine the synthetic data platform to support diverse datasets, including single-table, multi-table, and time-series data.