Critics argue that this approach could replace real voices with artificial ones, but Fairgen counters that it helps address data scarcity and privacy issues. The company also avoids using large language models to prevent bias from external data sources. Fairgen's business model is based on a SaaS platform where companies can upload their surveys, select a segment, and receive a new file with the same questions but new rows. The startup believes its technology could be used in future U.S. elections.
Key takeaways:
- Fairgen, an Israeli startup, has launched a platform that uses statistical AI to generate synthetic data for market research, aiming to help companies overcome the challenges of finding enough people for meaningful survey results.
- The company has raised $5.5 million in a funding round from Maverick Ventures Israel, The Creator Fund, Tal Ventures, Ignia, and several angel investors, bringing its total funding to $8 million.
- Fairgen's product, Fairboost, can increase a smaller dataset by up to three times, allowing for more detailed insights into niches that may be too difficult or expensive to reach.
- The company does not generate data from nothing, but rather uses a small sample from a target market to establish patterns and expand the sample, promising at least a two-fold boost on the original sample, and on average, a three-fold boost.