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Best Synthetic Data Generation Processes

Aditya Chakurkar | January 15, 2022 | 13 views

Best_Synthetic_Data
Synthetic data is a replacement for the real thing when researchers and scientists can't get their hands on it because of confidentiality or privacy concerns. In simple words, synthetic data is a replacement for real data.

With the growing demand for artificial intelligence, there's no way we can produce enough real-world examples on our own. As a result, the need to create synthetic data has never been more pressing than it is now.


What is Synthetic Data?

Synthetic data is artificial data that is created through algorithms. It simulates the statistical properties of real people but without revealing any identifying information. Businesses across various industries need synthetic data for three major reasons:

  • Training machine learning algorithms
  • Product testing
  • Privacy

Artificial intelligence is becoming more and more advanced, with even the most complicated tasks being handled by these computer systems. For us humans who work in a less sophisticated field than AI development to make sense out of what they're doing sometimes, we need help from "synthetic" data which reflects real-world events mathematically or statistically but does not come directly from any person.

Synthetic data is a bit like diet soda. To be effective, it has to resemble the “real thing” in certain ways. Diet soda should look, taste, and fizz like regular soda. Similarly, a synthetic dataset must have the same mathematical and statistical properties as the real-world dataset it's standing in for. It looks like it, and has formatting like it.”

Kalyan Veeramachaneni, principal investigator of the Data to AI (DAI) Lab and a principal research scientist in MIT’s Laboratory for Information and Decision Systems


What are the Best Synthetic Data Generation Techniques?

Different methods of data synthesis can be used to generate synthetic data. Businesses should choose a method according to the requirements and level desired for specific purposes in generating this type of information, such as decision tree learning versus deep-learning techniques. Let’s learn more about some of the best synthetic data generation techniques.


Variational Autoencoder (VAE) and Generative Adversarial Network (GAN)

Variational Autoencoder (VAE) and Generative Adversarial Network (GAN) are deep generative models. VAE is a method of encoding data so that it can be transmitted more efficiently. The encoder creates an output that represents the original input, and then there's training on how well those two match up to each other through optimization methods.

On the other hand, the GAN model is an artificial intelligence technique that takes data from real-world events and generates synthetic ones. This process happens in two parts: generators create this new information, using something like machine learning or statistical analysis, and discriminants compare these synthetically created datasets with their original versions based on certain conditions set before training begins.


Monte Carlo Method

It has been said that if you have the data, then gambling on its distribution can be an effective means of generating synthetic samples. This is because businesses can determine what their best-fit model should look like by considering both observed information as well as potential outcomes based on different models or theories about how this particular set might behave; once they know these parameters it becomes possible for them to use Monte Carlo synthetic data generation method.


According to Dataset Distribution

For cases where real data does not exist but an analyst has a comprehensive understanding of how dataset distribution would look like, they can generate a random sample from any given distribution such as Exponential, Lognormal, Uniform, Chi-Square, Normal or t-distributions.


Scikit-Learn

Scikit-Learn is a method of synthetic data generation using Python, one of the most popular languages in the field of data science. Scikit-Learn is one of Python's three libraries that can be used to generate synthetic data. This powerful Python tool can be used for machine learning tasks like regression, classification and clustering. It also allows you to generate synthetic data if there's no real-world example of your researched topic.


Best Tools for Synthetic Data Generation

Generating synthetic data includes two steps: Data preparation and data synthesis. Data preparation is necessary before data synthesis. While several vendors can perform these two steps, we have compiled the three, best synthetic data generation tools for all:


Hazy

Hazy offers unique models capable of generating high-quality synthetic data with a differential privacy mechanism. Data can be tabular, sequential (containing time-dependent events), or dispersed across several tables in relational databases.


Edgecase.AI

Edgecase.AI takes the need for large-scale data annotation and generation of training images/videos to a whole new level with its proprietary platform. It helps solve fundamental problems in multiple industries like security, industry 4.0, healthcare, agriculture and retail.


MOSTLY AI

MOSTLY AI offers the leading synthetic data platform, which enables enterprises to unlock, share and fix their data. Thanks to its advanced artificial intelligence system, MOSTLY AI promises unmatched synthetic data accuracy while maintaining granular-level information.


Frequently Asked Questions


Which business functions can consider using synthetic data for improved overall efficiency?

The benefits of synthetic data are many. Data is an incredibly important component in all areas and can help us continue innovating new products, services or solutions when the necessary information isn't readily available. The following business functions can make the most of synthetic data for the best outcomes:

  • Human resources
  • DevOps
  • Agile Development
  • Machine Learning
  • Marketing


What are the key benefits of synthetic data?

Synthetic data has many benefits over real data. For example,

  • It focuses on multivariate relationships
  • It is immune to several, common, statistical problems
  • It overcomes restrictions that may arise while using real data


What are the main limitations of synthetic data?

Even though synthetic data has many advantages, there are some challenges around it as well. For example,

  • It requires output control
  • It is time-consuming
  • It is yet to gain significant user acceptance
  • Data quality depends heavily on data source

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Virtustream, a Dell Technologies business, is the enterprise-class cloud service and software provider trusted by enterprises worldwide to migrate and run their mission-critical applications in the cloud. For enterprises, service providers and government agencies, Virtustream’s xStream management platform and Infrastructure-as-a-Service (IaaS) meets the security, compliance, performance, efficiency and consumption-based billing requirements of complex production applications in the cloud - whether private, public or hybrid.

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While the core idea is to use the technology to aid and improve human performance, the industries that effectively utilize this resource are: Healthcare Education Travel and Tourism Manufacturing Defense Automotive Industry Retail How Seamless Integration of AR Can Impact Your ROI? Facebook said in March 2021 that it had allocated a complete 20% of its personnel to AR and VR development. That is a really massive investment by a corporation that has built a reputation for wisely investing in monetization and focused on creating bottom-line results. Augmented reality is on the path to becoming the next most significant development in an array of industries, ranging from medical to consumer retail. With the nature of augmented reality technology being highly dynamic, it is essential to have a successful strategy that ensures the integration of AR solutions that provide accurate and tangible results that align with the audience. Additionally, uses of augmented reality in business have also been capable of creating more meaningful engagement with customers. For the first time, new forms have made interaction real and measurable. As a result, brands may see precisely how many people engage with their collateral, how many times and where, for how long, and which direct actions they took: purchase, discount coupon, or social shares, for example, by leveraging IR/AR to turbo-charge paid media. "I do think that a significant portion of the population of developed countries, and eventually all countries, will have AR experiences every day, almost like eating three meals a day, it will become that much a part of you." Tim Cook, Chief Executive Officer of Apple Future of Your Business with AR Integration While augmented reality in business is becoming a crucial component for businesses these days and will revolutionize the future of business. 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In addition, numerous organizations from different industries and of various sizes in the B2C and B2B space are now using augmented reality technology to differentiate their product and services by effectively implementing AR strategies in their marketing mix. With a game-changing armor in their arsenal in the form of augmented reality, marketing executives trying to promote and sell more successfully can hence perform better, with purchasing experience becoming the new focal point. Conclusion Augmented reality in business is a prospect that offers a massive opportunity to engage with millions of users effectively. AR offers executives to ideally establish an immediate and sensory-driven connection of the brand with consumers by forging an emotional interaction. Repetitive engagement is a successful advertising approach for companies since it only requires AR app development expenditures, and additional benefits may be gained via repeated exposure. 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Some of these most common challenges are mentioned below: High administrative costs Incomplete documentation Non-compliance Poor vendor relationships Security breaches Supply chain inefficiencies While there were some nuanced changes in the selections between various businesses, both large and small, the results indicate that organizations often face the same challenges no matter where they’re coming from. How Do IT Vendor Selection and Management Help an Organization? In contemporary times, with geographical and economic barriers constantly diminishing, organizations look for different types of vendors worldwide. Even if the organization is working with just one vendor, it is essential to have effective vendor management in place. With proper vendor management, an organization can experience the following benefits: Better Selection With the right vendor, your organization can benefit from a more extensive selection of vendors, resulting in more choices and better costs. Better Contract Management If there is multi-vendor management in place, your organization can benefit from a centralized view of the current status of all contracts and other useful information. This will enable your organization to achieve better decision-making capabilities. Better Performance Management Using a vendor management system, an organization can get an integrated view of the performance of all the vendors. This would give your organization a clear understanding of what is working and what is not. Better Vendor Relationship Managing multiple vendors at the same time can be a difficult task. By accumulating all vendor-related information in a single place, organizations benefit from getting all required information at once, and this can influence your decision-making process. Exploring the Ideal Process of IT Vendor Selection In a world where we are constantly progressing with increasing IT specialization, organizations must be able to rely on their partners. There are some specific steps that an organization can take up to make the whole IT vendor selection process more successful. The six-step process of ideal IT vendor selection: Kick-off and requirement definition Market research and first vendor filtering Request for proposal Evaluating responses Proof of concept Choosing the vendor There are also some common mistakes that organizations make while selecting their vendor. Some of these common errors are listed below: Not evaluating the vendor and only their offerings Communication indiscretion Not comparing vendors or similar stature Today, outsourcing is increasingly used by companies as an enabler for innovation. Technological advancements drive improvements in service delivery, which positively impact cost, enhance functionality, improve service quality, and reduce the importance of location on service delivery. Disruptive technologies like cloud computing enable solutions such as Salesforce.com or ServiceNow to accelerate speed to value and drive business growth. This leads to a change from the traditional IT organization to the next generation IT organization. The operating model needs more agility to respond faster and at different speeds to new service offerings. Outsourcing models have reached their third generation and involve a multi-vendor environment, requiring more transparency and integrated vendor management. Best Techniques to Improve Vendor Management The vendor management process is a crucial component for any organization, as it allows them to build a relationship with their suppliers and service providers that would help strengthen their business. Vendor management is not only about negotiating the price; the most essential aspect is coming to a conclusion that would mutually aid both organizations. Some effective techniques that can be utilized for effective IT vendor management are: Share information and priorities Balance commitment and competition Allow critical vendors to help you strategize Build partnerships that would last long term Try to understand your vendor's business process Negotiate and conclude with a win-win agreement Come together on value Conclusion Ideally speaking, vendor selection and managing that relationship can sometimes be challenging. Once you follow the process mentioned above to select the right vendor for your organization, the steps ahead will get a little easier. However, there is still the process of managing and building that relationship with the vendor. "The objective of vendor management is to fortify company success and overall marketplace performance." - Sean-Michael Callahan, Principal at The NiVACK Group. FAQ What Is Vendor Management in the IT Sector? The process that allows organizations to control costs, strengthen service, and reduce risks throughout the process of outsourcing to vendors while getting the most value from the investment is called vendor management in the IT sector. What Is a Vendor Selection Process? The vendor selection process is a subsidiary stage that allows for the clear stating, defining, and approval of those vendors who are eligible to meet the requirements of the procurement process. What Is the Role of Vendor Management? The vendor management process ideally facilitates and maintains relationships between your organization and vendors, negotiating contracts, creating standards for the vendors, and finding the best available vendors.

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SOFTWARE

How SAAS Is Redefining Software Industry

Article | April 21, 2022

Software-as-a-Service (SAAS) has been a trending topic in the tech field in recent times. The success of the cloud has accelerated the demand for software delivery from on-premises to cloud-based. Start-ups are in a rush for SAAS transformation, delivering the very same solution over the internet. From Google Docs and Sheets to enterprise-level software, SAAS has established a foothold in every sector. With the oncoming of SAAS, the perception of computer software has changed. In this article, we will take a look at how SAAS is redefining and transforming the software industry. Better Accessibility Any software that is preferred to have better and centralized availability is preferred. Better availability is one of the factors that makes SAAS stand out. With centralized availability of both applications and data, users will have a hassle-free experience – with zero installation overheads and no commitments to carry in any device and data. SAAS is accessible from anywhere around the world on any device. There is a big advantage to SAAS over traditional software, which can only be used on a specific device. Ease of Upgrade To ensure continued security and access to new features, software releases are followed by updates and upgrades, which, once issued, become the sole responsibility of the user to install. A hassle-free upgrade makes SAAS the solution to be chosen. All updates and upgrades are performed on the server side, ensuring no downtime and minimal installation troubles. Moreover, most users do not take the updates and upgrades into account due to their delay in installation and trouble setting up. In this aspect, SAAS enables providers to better serve their users by ensuring they are using the latest releases and fixes. Zero Hardware Upgrades As time moves on, software demands higher resources for it to work smoothly. Zero hardware upgrades will bring a new and better user experience. All the hardware configurations will be managed at the cloud level, with no changes required on the client-side. A large increase in resources might have an influence on the subscription cost, but it is a better alternative to requesting end-users larger hardware. This will be a beneficial aspect for resource-heavy applications like graphics and design-related applications. Thus, a major part of configuration at the hardware and software levels (drivers) is abstracted from the users. Better Security and Protection from Piracy Traditional on-premise software is always vulnerable to cracking and piracy. With SAAS tools and software, there will be no piracy, and increasing security can be feasible. SAAS works on a subscription model where the purchase of the software is tied to a user account, and a fee is paid monthly or yearly to use the software. On-premise software is subject to reverse engineering, where the activation system is tampered with, and the software can be used for free. Similarly, data has better security in the cloud with continuous encryption and backup than on an on-premise system, wherein the data security and backup require user effort as well. Zero Compatibility Issues Software programs are subject to compatibility requirements where the OS or certain dependencies might not support a specific piece of software. With SAAS, there are no more compatibility-related conflicts since the OS and other dependencies and resources are managed by the provider itself. End-users need not comply with any compatibility requirements for the software to work. This aspect also provides users an advantage in terms of storage. The application and its dependencies usually take up a large amount of space. SAAS takes care of dependencies on the server end. Better Team Collaboration SAAS is an option that proves better for collaboration-based teams. Software delivery over the network comes with an account linked to it for sign-in and collaboration. Teams that work together can get better benefits when using SAAS tools since they enable sharing and collaboration on work items. Traditional software has limited or no collaboration capabilities, thus limiting productivity. SaaS can also keep data in sync on a number of devices, giving users a real-time experience.

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Virtustream

Virtustream, a Dell Technologies business, is the enterprise-class cloud service and software provider trusted by enterprises worldwide to migrate and run their mission-critical applications in the cloud. For enterprises, service providers and government agencies, Virtustream’s xStream management platform and Infrastructure-as-a-Service (IaaS) meets the security, compliance, performance, efficiency and consumption-based billing requirements of complex production applications in the cloud - whether private, public or hybrid.

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Deep Dive Into Advanced AI and Machine Learning at The Behavox Artificial Intelligence in Compliance and Security Conference

Behavox Ltd. | June 29, 2022

On July 19th, Behavox will host a conference to share the next generation of artificial intelligence in Compliance and Security with clients, regulators, and industry leaders. The Behavox AI in Compliance and Security Conference will be held at the company HQ in Montreal. With this exclusive in-person conference, Behavox is relaunching its pre-COVID tradition of inviting customers, regulators, AI industry leaders, and partners to its Montreal HQ to deep dive into workshops and keynote speeches on compliance, security, and artificial intelligence. “We’re extremely excited to relaunch our tradition of inviting clients to our offices in order to learn directly from the engineers and data scientists behind our groundbreaking innovations. “Attendees at the conference will get to enjoy keynote presentations as well as Innovation Paddocks where you can test drive our latest innovations and also spend time networking with other industry leaders and regulators”. Chief Customer Intelligence Officer Fahreen Kurji Keynote presentations will cover: Testing and Quality assurance framework for compliance models. Increasing employee and data coverage with a new data processing engine built for AI. Improving accuracy of voice transcription using continuous learning. The conference will also feature Innovation Paddocks where guests will be able to learn more from the engineers and data scientists behind Behavox innovations. At this conference, Behavox will demonstrate its revolutionary new product - Behavox Quantum™. There will be test drives and numerous workshops covering everything from infrastructure for cloud orchestration to the AI engine at the core of Behavox Quantum™. What’s in it for participants? Knowledge on the state of AI in Compliance and Security; Learn how the industry is approaching implementation of AI in Compliance and Security; Network with industry experts from all around the world; Get professional training credits. Behavox Quantum™ has been rigorously tested and benchmarked against existing solutions in the market and it outperformed competition by at least 3,000x using new AI risk policies, providing a holistic security program to catch malicious, immoral, and illegal actors, eliminating fraud and protecting your digital headquarters. Attendees at the July 19th conference will include C-suite executives from top global banks, financial institutions, and corporations with many prospects and clients sending entire delegations to the conference. Justin Trudeau, Canadian Prime Minister, will give the commencement speech at the conference in recognition/ celebration of the world leading AI innovations coming out of Canada. This is a unique opportunity to test drive the product and meet the team behind the innovations as well as network with top industry professionals. Register here for the Behavox AI in Compliance and Security Conference. About Behavox Ltd. Behavox provides a suite of security products that help compliance, HR, and security teams protect their company and colleagues from business risks. Through AI-powered analysis of all corporate communications, including email, instant messaging, voice, and video conferencing platforms, Behavox helps organizations identify illegal, immoral, and malicious behavior in the workplace.

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SoftWorks AI Rebrands as TRUE and Answers Need for Lending Intelligence

TRUE | June 23, 2022

SoftWorks AI, the leader in lending intelligence, today launched an extensive rebrand, including changing its name to TRUE. The new name reflects the company’s unique ability to give lenders a true picture of a borrower by using AI to inspect and audit every data point when verifying a loan and its underlying documentation. By providing deeper, more comprehensive, and more accurate insights on borrowers, TRUE allows lenders to gain market share by enabling faster turn times and reducing risk. TRUE’s new name and logo demonstrate how the company harnesses the power of AI to turn lending – especially in the mortgage space – into a near real-time experience. While other vendors need humans in the loop to get data right, TRUE’s platform accurately analyzes every data point in a loan package automatically. TRUE’s technology can reduce manual reviews by up to 85% and has increased underwriter productivity by up to 300%. The lending industry has long been focused on automation, with an end-state goal of touchless automation. This can only be achieved with lending intelligence, which uses AI to ensure all data going into the automation process is 100% correct and verify that every extrapolated insight is accurate and provably true. The TRUE brand is focused on using cutting-edge technology to find what is true, a process the company calls Lending Intelligence. “TRUE uses AI to help lenders address customers’ most important expectations – speed, accuracy and reduced risk. “We are an AI lab focused executively on the lending sector and our AI platform is fully trained to address the challenges and nuances of lending. TRUE optimizes every step of the lending cycle, efficiently delivering critical information so our clients can get a full picture of their risk exposure. By providing a fast, thorough, and explainable analysis of every last data point, we reduce errors and improve decisioning, powering trustworthy lending.” Ari Gross, CEO of TRUE TRUE is transforming both the primary and secondary lending markets with technology that reads documents chronologically and holistically, going far beyond generic data classification that misses important details and nuances – and results in costly bad decisions. By ensuring that loan documents tell a consistent and coherent story and that all documents are cross-validated, TRUE enables lenders to get a holistic view of lending risk while delivering greater certainty to customers. The company currently serves major institutions from across the lending industry including Rocket Mortgage, Carrington, and 50% of the top mortgage insurers. TRUE processes millions of loans and billions of documents through its AI powered lending technology annually. About TRUE TRUE is a software solutions company and AI lab that helps lenders harness the power of artificial intelligence to make accurately informed lending decisions – increasing revenue while reducing operating costs and risk. Since 2017, it has set the industry standard for intelligent lending technology, delivering results that provide a true competitive advantage.

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GENERAL AI

AI Quality Leader TruEra Receives Investment from Hewlett Packard Enterprise

TruEra | June 23, 2022

Hewlett Packard Enterprise announced today that it has invested in TruEra through its venture capital program, Hewlett Packard Pathfinder. TruEra offers the first suite of AI Quality management solutions for managing model performance, explainability, and societal effect. The $25M Series B round TruEra announced in March 2022 is now extended. Hewlett Packard Pathfinder invests in market-leading start-ups, develops solutions fusing the technology of portfolio companies with Hewlett Packard Enterprise goods, and designs collaborative go-to-market strategies. Hewlett Packard Pathfinder also keeps a careful eye on longer-term disruptive innovation, supporting the development of cutting-edge technology. "We're excited to become an investor and to partner with TruEra in developing comprehensive solutions for our enterprise customers in conjunction with our High-Performance Computing offering," said Paul Glaser, Vice President and Head of Hewlett Packard Pathfinder. The quality challenge, the following significant AI challenge, is addressed by TruEra. In order to quickly correct problems and maintain peak performance, ML teams can use TruEra's solutions to explain, analyze, and test the performance, risk, and responsible AI characteristics of models early in the development process. As a result, numerous Fortune 1000 businesses have chosen TruEra as their preferred provider because of its distinctive, whole lifecycle approach to model quality. "AI model quality and ML Ops have emerged as considerable challenges for enterprises deploying and scaling machine learning models. Solving these challenges is imperative for AI success, and TruEra stands out for its deep expertise, differentiated technology and practical experience helping companies deliver and monitor AI applications." Ali Wasti, Managing Director, Hewlett Packard Pathfinder Top-tier investors such as Menlo Ventures, Greylock Partners, and Wing Venture Capital have contributed approximately $45 MM to TruEra. Anupam Datta and Shayak Sen, co-founders of TruEra, conducted academic research at Carnegie Mellon University that served as the basis for the company's technology. "Hewlett Packard Enterprise is a leading, trusted provider to the enterprise, and is known for its ability to ensure that cutting-edge innovation delivers proven results. We're looking forward to working closely with the HPE team as partners on customer engagements," said Will Uppington, CEO and co-founder, TruEra.

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GENERAL AI

Deep Dive Into Advanced AI and Machine Learning at The Behavox Artificial Intelligence in Compliance and Security Conference

Behavox Ltd. | June 29, 2022

On July 19th, Behavox will host a conference to share the next generation of artificial intelligence in Compliance and Security with clients, regulators, and industry leaders. The Behavox AI in Compliance and Security Conference will be held at the company HQ in Montreal. With this exclusive in-person conference, Behavox is relaunching its pre-COVID tradition of inviting customers, regulators, AI industry leaders, and partners to its Montreal HQ to deep dive into workshops and keynote speeches on compliance, security, and artificial intelligence. “We’re extremely excited to relaunch our tradition of inviting clients to our offices in order to learn directly from the engineers and data scientists behind our groundbreaking innovations. “Attendees at the conference will get to enjoy keynote presentations as well as Innovation Paddocks where you can test drive our latest innovations and also spend time networking with other industry leaders and regulators”. Chief Customer Intelligence Officer Fahreen Kurji Keynote presentations will cover: Testing and Quality assurance framework for compliance models. Increasing employee and data coverage with a new data processing engine built for AI. Improving accuracy of voice transcription using continuous learning. The conference will also feature Innovation Paddocks where guests will be able to learn more from the engineers and data scientists behind Behavox innovations. At this conference, Behavox will demonstrate its revolutionary new product - Behavox Quantum™. There will be test drives and numerous workshops covering everything from infrastructure for cloud orchestration to the AI engine at the core of Behavox Quantum™. What’s in it for participants? Knowledge on the state of AI in Compliance and Security; Learn how the industry is approaching implementation of AI in Compliance and Security; Network with industry experts from all around the world; Get professional training credits. Behavox Quantum™ has been rigorously tested and benchmarked against existing solutions in the market and it outperformed competition by at least 3,000x using new AI risk policies, providing a holistic security program to catch malicious, immoral, and illegal actors, eliminating fraud and protecting your digital headquarters. Attendees at the July 19th conference will include C-suite executives from top global banks, financial institutions, and corporations with many prospects and clients sending entire delegations to the conference. Justin Trudeau, Canadian Prime Minister, will give the commencement speech at the conference in recognition/ celebration of the world leading AI innovations coming out of Canada. This is a unique opportunity to test drive the product and meet the team behind the innovations as well as network with top industry professionals. Register here for the Behavox AI in Compliance and Security Conference. About Behavox Ltd. Behavox provides a suite of security products that help compliance, HR, and security teams protect their company and colleagues from business risks. Through AI-powered analysis of all corporate communications, including email, instant messaging, voice, and video conferencing platforms, Behavox helps organizations identify illegal, immoral, and malicious behavior in the workplace.

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GENERAL AI

SoftWorks AI Rebrands as TRUE and Answers Need for Lending Intelligence

TRUE | June 23, 2022

SoftWorks AI, the leader in lending intelligence, today launched an extensive rebrand, including changing its name to TRUE. The new name reflects the company’s unique ability to give lenders a true picture of a borrower by using AI to inspect and audit every data point when verifying a loan and its underlying documentation. By providing deeper, more comprehensive, and more accurate insights on borrowers, TRUE allows lenders to gain market share by enabling faster turn times and reducing risk. TRUE’s new name and logo demonstrate how the company harnesses the power of AI to turn lending – especially in the mortgage space – into a near real-time experience. While other vendors need humans in the loop to get data right, TRUE’s platform accurately analyzes every data point in a loan package automatically. TRUE’s technology can reduce manual reviews by up to 85% and has increased underwriter productivity by up to 300%. The lending industry has long been focused on automation, with an end-state goal of touchless automation. This can only be achieved with lending intelligence, which uses AI to ensure all data going into the automation process is 100% correct and verify that every extrapolated insight is accurate and provably true. The TRUE brand is focused on using cutting-edge technology to find what is true, a process the company calls Lending Intelligence. “TRUE uses AI to help lenders address customers’ most important expectations – speed, accuracy and reduced risk. “We are an AI lab focused executively on the lending sector and our AI platform is fully trained to address the challenges and nuances of lending. TRUE optimizes every step of the lending cycle, efficiently delivering critical information so our clients can get a full picture of their risk exposure. By providing a fast, thorough, and explainable analysis of every last data point, we reduce errors and improve decisioning, powering trustworthy lending.” Ari Gross, CEO of TRUE TRUE is transforming both the primary and secondary lending markets with technology that reads documents chronologically and holistically, going far beyond generic data classification that misses important details and nuances – and results in costly bad decisions. By ensuring that loan documents tell a consistent and coherent story and that all documents are cross-validated, TRUE enables lenders to get a holistic view of lending risk while delivering greater certainty to customers. The company currently serves major institutions from across the lending industry including Rocket Mortgage, Carrington, and 50% of the top mortgage insurers. TRUE processes millions of loans and billions of documents through its AI powered lending technology annually. About TRUE TRUE is a software solutions company and AI lab that helps lenders harness the power of artificial intelligence to make accurately informed lending decisions – increasing revenue while reducing operating costs and risk. Since 2017, it has set the industry standard for intelligent lending technology, delivering results that provide a true competitive advantage.

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GENERAL AI

AI Quality Leader TruEra Receives Investment from Hewlett Packard Enterprise

TruEra | June 23, 2022

Hewlett Packard Enterprise announced today that it has invested in TruEra through its venture capital program, Hewlett Packard Pathfinder. TruEra offers the first suite of AI Quality management solutions for managing model performance, explainability, and societal effect. The $25M Series B round TruEra announced in March 2022 is now extended. Hewlett Packard Pathfinder invests in market-leading start-ups, develops solutions fusing the technology of portfolio companies with Hewlett Packard Enterprise goods, and designs collaborative go-to-market strategies. Hewlett Packard Pathfinder also keeps a careful eye on longer-term disruptive innovation, supporting the development of cutting-edge technology. "We're excited to become an investor and to partner with TruEra in developing comprehensive solutions for our enterprise customers in conjunction with our High-Performance Computing offering," said Paul Glaser, Vice President and Head of Hewlett Packard Pathfinder. The quality challenge, the following significant AI challenge, is addressed by TruEra. In order to quickly correct problems and maintain peak performance, ML teams can use TruEra's solutions to explain, analyze, and test the performance, risk, and responsible AI characteristics of models early in the development process. As a result, numerous Fortune 1000 businesses have chosen TruEra as their preferred provider because of its distinctive, whole lifecycle approach to model quality. "AI model quality and ML Ops have emerged as considerable challenges for enterprises deploying and scaling machine learning models. Solving these challenges is imperative for AI success, and TruEra stands out for its deep expertise, differentiated technology and practical experience helping companies deliver and monitor AI applications." Ali Wasti, Managing Director, Hewlett Packard Pathfinder Top-tier investors such as Menlo Ventures, Greylock Partners, and Wing Venture Capital have contributed approximately $45 MM to TruEra. Anupam Datta and Shayak Sen, co-founders of TruEra, conducted academic research at Carnegie Mellon University that served as the basis for the company's technology. "Hewlett Packard Enterprise is a leading, trusted provider to the enterprise, and is known for its ability to ensure that cutting-edge innovation delivers proven results. We're looking forward to working closely with the HPE team as partners on customer engagements," said Will Uppington, CEO and co-founder, TruEra.

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