Smart Data Foundry launches synthetic data platform

The product is an updated version of Smart Data Foundry’s Aizle platform, which allows users to independently generate synthetic data without the need for real data as input, or specialised data science expertise.

Aizle requires no real input data as artificial intelligence (AI) agents simulate the activities of synthetic people and businesses within a customisable framework of behavioural rules and patterns, according to the company, which can then generate data about areas such as people’s jobs, spending and financial relationships as well as about businesses’ bills, cashflow and obligations.

Smart Data Foundry said the platform would be initially available in the UK, with plans to expand overseas, and said Aizle can be used for areas previously considered too difficult or expensive to explore, where data doesn’t exist, in generative AI and machine learning training and testing, and in product development and testing.

The company claimed the platform would also help address some of the privacy and security concerns associated with using real-world data, as well as the cost of using real data.

David Tracy (pictured), 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.

“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.”

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, the Financial Conduct Authority (FCA) and the Department for Business and Trade.