SMART Data Foundry today (17 April 2023) unveiled its new synthetic data engine aizle, designed to provide innovators across the UK with quality, artificially generated data to solve real world problems.
The Edinburgh organisation has developed an agent-based modelling approach to generating synthetic data which has already provided customised data sets to organisations ranging from the Financial Conduct Authority to early-stage fintechs.
aizle – the Scottish word for ‘spark’ – produces synthetic data sets which contain the important and meaningful features of real-world data. Critically, aizle does this without requiring any real-world input data to generate its synthetic data sets, removing privacy and other data risks.
Based on this approach, the engine can provide data where no real data is available or can provide alternative data when available data is inadequate or has bias, enabling innovation in areas previously thought too difficult or expensive to explore.
Synthetic data can be used to build a rapid prototype, train an AI model, or run scenarios on the strategic impact of a new initiative.
The three principles underpinning aizle are privacy, fidelity and utility – ensuring the data output is safe and without risk; is accurate and relevant; and is easy to use, process and share.
Bryn Coulthard, Chief Product and Technology Officer at Smart Data Foundry said:
“We exist to unlock the positive power of financial data to improve people’s lives – and believe the creation of data using our aizle synthetic data engine will drive innovation and help solve issues facing financial services and the wider society.
“We know that data access, permissions, and security are the biggest factors holding innovators back. With interest in the capabilities and application of synthetic data on the rise, through the development of aizle, we are providing a real solution to the challenges innovators face, which will benefit many consumers and businesses.
“We’re excited to connect with financial organisations, fintechs, regulators and innovators across the UK to highlight the benefits of creating sophisticated, integrated synthetic data sets to accelerate innovation.”
For further information on aizle and Smart Data Foundry, visit www.aizle.ai andwww.smartdatafoundry.com