Hazy, a British synthetic data disruptor, has secured $9 million in a Series A funding round with participation from Nationwide Building Society, Wells Fargo, and Intesa Sanpaolo, among others.

Established in 2017 as a spinout of University College London, Hazy uses AI-generated smart synthetic data that maintains the statistical quality of actual data while preserving privacy by removing any real information. As a result, it can be used as a substitute for actual data in AI/ML development, software testing, and data commercialization. It can also be used to mitigate risk for banks and insurance companies.

Hazy has already attracted prominent clients, including Wells Fargo, and was awarded the $1 million Microsoft Innovate AI prize for being the best AI startup in Europe.