South Korean artificial intelligence (AI) data company CNAI has raised $4.1 million to expand its markets.
CNAI uses synthetic data to train corporate AI systems. According to Gartner, 60% of the data used for the development of analytics and AI projects will be synthetic by 2024, and will surpass the use of real data for training AI models by 2030.
According to the startup, one of its AI models powered by synthetic data for a healthcare client improved the accuracy of gastric cancer diagnosis by 10%, compared to a model without such input.
“Training AI models on synthetic data created by a generative model can be more effective than using real-world information,” said Wonseop Lee, CNAI chief executive.
“Synthetic data is not only a privacy-preserving technology that expands opportunities for the users to access and share data, but also a time-saving technology.”
Lee added that CNAI recently established a warehouse that provides customised, on-demand information to clients.
Kenneth Li , a partner at Centauri, which led the funding, said that the deal will allow CNAI to expand to new markets.
“Through Centauri Master Fund, CNAI is preparing to expand its service to Singapore and Indonesia,” he said. “This international expansion was a key factor in successfully closing the round.”
- George Russell