Dutch Security TechFund Invests in Syntho’s Synthetic Data Solution to Solve the Global Data Privacy Dilemma
Syntho, the Amsterdam based start-up with the vision to solve the global data privacy dilemma, has secured a first-round investment from TIIN Capital’s Dutch Security TechFund. Syntho develops advanced synthetic data software that enables organisations to speed up innovation and comply with data privacy principles and regulations. With the investment in Syntho, TIIN Capital continues to support entrepreneurs and innovators in the field of cybersecurity and data privacy for a safer and more secure society.
Winner of the ‘2020 Phillips Innovation Award’, Syntho, is a fast-growing company in the emerging market of Privacy Enhancing Technologies (PETs). Syntho's scalable software solution enables large and mid-sized companies, start-ups, scaleups, and public entities to optimise their use of data in a fully GDPR-compliant manner.
Companies and governments collect vast amounts of sensitive data about customers and citizens but are bound by legislation (like the GDPR) as to how they can utilise this data. They are also responsible for securing and protecting this information, so that personal data does not get compromised. For Simon Brouwer (CTO) and Marijn Vonk (CPO), co-founders of Syntho, this raises the question: “Why collect all that data and use real data when the same can be achieved with synthetic data? Customers use our AI driven software to generate best-in-class synthetic data for a variety of use-cases. The Syntho software gives organisations a secure and widely applicable platform to realise innovations with more data, faster data access and zero data privacy risks.”
Wim Kees Janssen, the third founder and CEO of Syntho, is enthusiastic about the investment by the Dutch Security TechFund. ‘It enables us to continue to hire the best developers in our field, invest in our cutting-edge technology and to expand our commercial team. We have chosen TIIN Capital because they are specialised in (cyber)security and, besides the funding, provide us with a strong partner to realise Syntho's rapid growth and international ambitions in the data privacy and data-security domain.’
Michael Lucassen, managing partner at TIIN Capital, sees great potential in Syntho’s team and state-of-the-art technology. ‘Our society and business operations continue to be increasingly data driven, while on the other hand, consumers, citizens and lawmakers are imposing increasingly strict requirements on how companies and governments operate and guarantee data privacy. With their synthetic data technology, the Syntho team offers a much-needed solution precisely in this space.’
Read the original press release here.