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Big banks invest in generative AI startup Hazy

Big banks invest in generative AI startup Hazy

Nationwide Building Society, Wells Fargo and Intesa Sanpaolo have joined a $9 million Series A funding round for British synthetic data disruptor Hazy.

The round was led by Conviction, with participation from UCL Technology Fund, M12 (Microsoft), ACT Venture Partners, Terra VC, Evenlode, Logo Ventures and Sarus Ventures.

Founded in 2017 and originally a University College London spinout, Hazy uses AI-generated smart synthetic data that preserves the statistical quality of the real data but contains no real information, eliminating the privacy risk.

This means it can be used as a drop-in replacement for real data with AI/ML development, software testing and data commercialisation use cases.

Hazy won the $1 million Microsoft Innovate AI prize for the best AI startup in Europe and has signed up big name clients, including financial services giants Nationwide and Wells Fargo.

Harry Keen, CEO, Hazy, says: "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."

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