Syntho secures funding from TIIN Capital to solve the global data privacy dilemma
Amsterdam/Naarden, May 26, 2021 – 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 organizations 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, startups, scaleups, and public entities to optimize 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 utilize 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 organizations a secure and widely applicable platform to realize 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 specialized in (cyber)security and, besides the funding, provide us with a strong partner to realize 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.’
About Syntho and synthetic data
Syntho enables organizations to boost innovations in a privacy-preserving manner by providing AI software for synthetic data. Our synthetic data engine uses state-of-the-art AI models to generate completely new synthetic data. As opposed to using sensitive original data, customers use our AI software to create top-notch synthetic data. We generate entirely new data, but we are able to model those new datapoints to preserve the characteristics, relationships and statistical patterns of the original data. This opens up a wide range of use cases (e.g. in data analytics or testing and development), where synthetic data is preferred over the (sensitive) original data. The Syntho software gives organizations a strong and widely applicable platform to realize innovations with more data, faster data access and zero data privacy risks.
About TIIN Capital / Dutch Security TechFund:
TIIN Capital has many years of experience in supporting technology companies with capital, knowledge and a broad network. Active since 1998, this Netherlands-based venture capital firm opened its sixth fund, the Dutch Security TechFund, at the beginning of 2019. With offices in Naarden and The Hague, TIIN Capital is a part of the Hague Security Delta and in the midst of an ecosystem that includes leading security companies, a broad talent base, and relevant subject matter experts. The fund brings together ‘informal investors’ as well as the regional investment fund InnovationQuarter, the Municipality of The Hague, KPN Ventures, Investment fund Groningen, and Invest-NL. The Ministry of Economic Affairs and Climate is also co-investing through its RVO Seed facility.