1. Fairgen is a platform that uses “statistical AI” to generate synthetic data for market research, boosting smaller datasets by up to three times.
2. The company aims to provide a solution for market researchers who struggle to reach underrepresented groups or specific demographics due to budget constraints or limited access to populations.
3. Fairgen ensures the reliability and quality of its synthetic data by avoiding the use of large language models and solely relying on the data within uploaded datasets to train its models.
Fairgen is an Israeli startup that has launched a platform utilizing statistical AI to create synthetic data that is comparable to real data. The company has raised $5.5 million from investors, bringing its total funding to $8 million. By using Fairgen’s platform, companies can enhance the size of their datasets and gain deeper insights into niche markets that may be costly to reach.
Synthetic data creation is not a new concept, but it has gained popularity with the rise of machine learning. Fairgen uses this technology to boost sample sizes using patterns identified from initial survey data. By generating stronger and more reliable data segments, Fairgen aims to help companies better understand diverse customer segments without the need for extensive resources or time.
The company’s founders have strong backgrounds in statistical science and machine learning, adding credibility to Fairgen’s methodologies. The platform does not rely on large language models to avoid introducing bias from external sources into the data. Fairgen operates as a SaaS model, with businesses uploading survey data for model training and receiving new files with expanded respondent segments in return.
Market research firms such as BVA and IFOP have already integrated Fairgen’s technology into their services. The company has gained validation and partnerships from established players in the industry, demonstrating the potential for synthetic data to revolutionize the field of market research. By addressing data scarcity and privacy concerns, Fairgen aims to provide valuable insights without compromising the integrity of the research process.