Smart Data Foundry (SDF), the Edinburgh-based data innovation organisation, has launched what’s been called the world’s first self-service, agent-based synthetic data generation product.
SDF has released version 2.0 of its Aizle platform, which allows users to independently generate secure, high-quality synthetic data without the need for real data as input nor specialised data science expertise.
Aizle requires no real input data, as AI agents simulate the activities of synthetic people and businesses within a customisable framework of behavioural rules and patterns. This generates data about people’s jobs, spending, and financial relationships, as well as business’ bills, cashflow, and obligations.
It can also help address some of the privacy and security concerns associated with using real-world data. New data breaches and scams occur every day with recent victims including AT&T, which saw the personal data of 73 million current and former AT&T customers leaked online, and NHS Dumfries and Galloway, which had a large volume of patient and staff data stolen by cyber-criminals and published on the dark web.
Speaking on it, David Tracy, head of data products at Smart Data Foundry, said: “This new platform will open up the toolbox to synthetic data – until now, financial services institutions have been spending months tracking down and tidying up training data, clearing it for use with their compliance teams, and then spinning up teams of machine learning specialists to generate data, on for example financial fraud.
“Instead, they can log in to their Aizle account, set their parameters, and the data will be ready to use within a matter of minutes or hours depending on how detailed their requirements are.
“By democratising data access, Aizle’s self-serve platform empowers users to independently generate and utilise agent-based synthetic data effortlessly, driving innovation and efficiency in their operations.
“While we are initially targeting the UK market, we can develop synthetic data for any market. We’re already building on interest internationally and intend to offer the service to financial institutions and regulators around the world.”
Created by Smart Data Foundry in 2023, Aizle has grown from a small research initiative employing two data scientists to a 15-strong division, with enterprise clients including NatWest Group, Financial Conduct Authority (FCA), TISA, and the Department for Business and Trade.
Smart Data Foundry itself was established a year prior, in 2022, to help unlock the power of financial data to tackle big issues and create positive impact across society, the economy, and the environment.
Located in Edinburgh Futures Institute, the company is a University of Edinburgh subsidiary. Last year, DIGIT spoke with a few people at the helm of SDF to understand the mission-led projects taking place inside the organisation.
Source: DIGIT