Aindo, a company set up by SISSA (International School for Advanced Studies) in Trieste that has developed and patented a platform for generating synthetic data that enables the use of sensitive data while respecting privacy, announces that it has been awarded funding from the European Innovation Council (EIC) Accelerator, the European Union programme dedicated to the financial support of highly innovative start-ups and SMEs.
The EIC aims to support projects with high impact potential by evaluating applicants according to criteria of excellence, innovation and level of risk. Aindo was chosen from among 1,211 companies from across Europe along with 71 others.
‘A call of this calibre involves an extremely rigorous selection process. Being chosen demonstrates the importance of our solution and the soundness of our vision,’ Alexander Boudewijn, head of scientific content and grants at Aindo, who led the EIC application, said in a note.
Aindo’s proposal includes obtaining a EUR 2.1 million research grant, followed by a possible co-investment from the European Investment Bank (EIB). With this funding, Aindo aims to further enhance its technology: the scaleup has developed and patented the Aindo Synthetic data platform which uses generative artificial intelligence to create high-quality synthetic data. This data faithfully reproduces the statistical and behavioural characteristics of real data, but without containing personal information, thus ensuring the highest level of privacy and security. The platform thus enables companies to use sensitive data for training artificial intelligence models and advanced analysis without the risk of privacy breaches.
“Synthetic data reconciles privacy protection with high-impact innovation. We are proud to be selected by the EIC Accelerator, a recognition that strengthens our position as an innovative Italian company in Europe. We will continue to invest in our technology to offer new opportunities in the use of data while respecting privacy,’ says Daniele Panfilo, CEO and co-founder of Aindo (pictured). ‘Specifically, we intend to use the funding to continue to innovate along three strategic lines: accelerating the development of technology with a focus on lifescience, expanding the market, and creating new opportunities for highly qualified jobs.
“This extraordinary result underlines the excellence of research and innovation in Friuli Venezia Giulia and is an important incentive for the growth not only of the company, but also of the entire Friuli Venezia Giulia ecosystem,’ said the governor of the region, Massimiliano Fedriga. ‘The willingness to use these new resources to develop research and the collaborative relationship with the knowledge system in our region reaffirms Friuli Venezia Giulia’s central role in the European innovation ecosystem. For our part, we will continue to support and promote our excellence so that it can grow and compete internationally’.
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