Thread by @NewOrleansVC

1/ Day 6 of #AllinAI 🧪 Introducing #SyntheticData - an incredibly powerful tool that's quickly becoming a must-have for AI teams. Synethic data can help companies overcome some of the key issues of AI & data collection, such as privacy, biases, and data scarcity.

2/ 💡 What is Synthetic Data? It's artificially generated data that mimics the characteristics of real-world data. It's created using algorithms, simulations, and generative models like GANs (which pit AI vs. AI to create and authenticate "fake" data).

3/ 📈 Why companies should consider Synthetic Data in their AI stack:

1. Reduces data privacy concerns
2. Helps overcome data scarcity
3. Enhances dataset diversity
4. Reduces biases in data
5. Facilitates edge cases testing
6. Speeds up model development

4/ 🏥 Example in #Healthcare: Synthetic data can be used to generate anonymized medical records, protecting patient privacy while providing researchers with valuable information for developing AI-powered diagnostic tools. #HealthTech

5/ 🏦 Example in #Fintech: Synthetic data can help banks and lenders reduce biases in credit scoring models by generating a more diverse and representative dataset, leading to fairer lending practices and increased financial inclusion.

(This is one of my favorites)

6/ Synthetic Data can come in many forms, such as images, text, time-series (e.g. weather), graphs, audio/video, and tabular (spreadsheets/databases).

Tabular data mimics the data structure of real world formats and is great mimicking business or customer data datasets.

7/ Some tabular synthetic players to watch:

@mostly_ai
@hazy_ai
@gretel_ai
@YData_ai
@Synthesizedio

8/ To learn more about this space, I suggest checking out this great report from (shoutout) @Elise_Deux!

elise-deux.medium.com/everything-tha…

9/ 🚀 Synthetic data is revolutionizing the way we train AI models and manage data privacy.

If you're working on a startup in this field, we'd love to chat with you @RevelryVC!

Retween or follow us for more 💯 days of learning in public #AllInAI!