As the world becomes increasingly digital, the importance of data privacy regulations has grown exponentially. The global landscape of data protection is becoming increasingly complex, with numerous laws and guidelines being implemented to safeguard user data. However, this shift in regulatory environment is posing significant challenges for engineering teams seeking to leverage structured data to enhance their products and AI models.
The Problem of Data Access
One of the primary issues faced by technical teams is access to user data. Gaining clearance to use actual user data or generating synthetic data can be a lengthy process, often taking months to complete. This delay not only hampers innovation but also exposes companies to potential risks associated with data breaches and leakages.
Introducing BetterData: A Solution for Synthetic Structured Data
BetterData, a startup launching at the TechCrunch Disrupt SF Battlefield competition, is addressing this pressing issue by providing a platform to generate representative, synthetic structured data. By doing so, engineering teams can work with compliant data without facing the bureaucratic hurdles associated with accessing actual user data.
How BetterData Works
The company’s product utilizes a secure process to convert real user data into synthetic data. This is achieved through tokenization and storage on a blockchain, ensuring that user data remains encrypted and accessible only with private encryption keys. The generated data maintains the key properties of the original structured data while anonymizing and scrambling information.
Benefits of BetterData
The use of synthetic structured data offers several benefits to technical teams:
- Compliance: By using compliant data, companies can avoid lengthy bureaucratic processes associated with accessing actual user data.
- Innovation: With immediate access to high-quality data, engineering teams can accelerate innovation and product development.
- Security: The blockchain-based storage ensures that user data remains secure and tamper-proof.
The Founders’ Vision
BetterData’s co-founders, CEO Uzair Javaid and CTO Kevin Yee, bring a wealth of experience in AI data generation and blockchain security. They met at the Entrepreneur First program in Singapore and have since raised $770,000 in funding and grants. The duo aims to expand their platform’s capabilities to include text data generation using natural language processing models.
Expansion Plans
The company announced onstage that they will be expanding their private beta after successful pilot programs. BetterData is particularly targeting customers in the Banking Financial Services and Insurance (BFSI) world, as well as data and AI teams at tech companies.
Future Developments
As the platform continues to evolve, BetterData plans to launch a public beta of their cloud services solution by the end of this year. The company’s goal is to provide a comprehensive solution for synthetic structured data generation, empowering technical teams to work with compliant data and drive innovation without compromise.
Conclusion
The evolving landscape of data privacy regulations presents significant challenges for engineering teams seeking to leverage structured data. BetterData offers a promising solution by providing a platform to generate representative, synthetic structured data. With its secure and innovative approach, the company is poised to revolutionize the way technical teams access and work with compliant data.
