Top 8 Synthetic Data Providing Startups in the US

Synthetic data is quickly reshaping the future of AI, offering a smart solution to one of the biggest challenges in machine learning—access to large, high-quality datasets. With industries like healthcare, finance, and autonomous vehicles facing data privacy issues and the difficulty of gathering real-world data, synthetic data provides a safe and scalable alternative. Valued at $23.3 billion by 2030, the synthetic data market is growing fast. This surge is driven by the rising need for privacy-preserving data and the growing demand for diverse datasets that fuel AI innovation.

Geoffrey Moore, a renowned technology author, stated: "Without big data, you are blind and deaf and in the middle of a freeway." In just a few years, the number of startups focused on synthetic data has soared, from fewer than 10 in 2017 to over 50 by 2022. As industries look for new ways to overcome data limitations, these startups are playing a critical role in shaping the future of AI.

1. Gretel AI

Founders: Ali Golshan, Alexander Watson, John Myers
Work with synthetic data: Gretel AI specializes in creating advanced synthetic data solutions focused on privacy and security. Their platform enables developers and data scientists to generate high-quality synthetic datasets through easy-to-use APIs, mimicking real-world data while safeguarding against privacy risks and adversarial attacks. With tools to assess data accuracy and utility, Gretel AI allows users to share private data, augment limited datasets, and reduce bias. They also offer a free, no-code tier for synthesizing, transforming, or classifying data, making their technology accessible to a broader audience.
Funding in 2024: $30 million Series B round
Valuation: Around $200 million

2. Synthesis AI

Founders: Yashar Behzadi
Work with synthetic data: Synthesis AI focuses on generating synthetic data for computer vision and perception AI applications. Their work includes creating digital twins for virtual design and camera optimization, simulating edge cases to cover critical and rare events, and mitigating bias by generating diverse, balanced datasets. Synthesis AI also provides synthetic data with detailed 3D world annotations for spatial computing, AR/VR, and robotics. By enabling developers to test and optimize system performance in virtual environments, they help streamline the design process before physical implementation.
Funding in 2024: $20 million Series A round
Valuation: Approximately $100 million