On May 9, 2024, the Tel Aviv, Israel-based startup specializing in AI synthetic survey dataFairgenannounced it had raised $5.5 million in seed funding, bringing its total funding to $8 million. Investors in this round include Maverick Ventures Israel, The Creator Fund Ventures, Ignia, and several angel investors.
The company plans to use the funds raised to develop and promote its platform Fairboost, which uses "statistical AI" to generate synthetic data to help market researchers gain deeper insights from smaller datasets.
Fairgen was founded in 2021. The company initially focused on addressing bias in AI, but in late 2022 pivoted to its new product Fairboost. Fairgen's business model is SaaS (Software as a Service)-based, allowing companies to upload their survey data to Fairgen's cloud platform and use its statistical AI technology to generate synthetic data.
(News source:TechCrunch）