BBVA AI Factory to explore the use of synthetic data for the development of artificial intelligence with the startup Dedomena
The emerging company will work on a technological solution to boost the development of synthetic data. They will replace real data while testing artificial intelligence models, thus protecting user privacy. Their proposal was selected by BBVA AI Factory in the framework of the University of Navarra’s SofIA startup accelerator program.
Founded in 2021, Dedomena is a Spanish startup that offers solutions to extract value from data. Its goal is to help companies reduce the amount of time it takes to have high quality, anonymous data while also making it possible to obtain knowledge from the data more quickly.
The startup was selected by BBVA’s artificial intelligence development center to carry out a synthetic data generation project over the next six months. The data are fictitious; in other words, they do not identify anyone in particular, but they otherwise imitate real data in all aspects. Therefore, they are an essential tool in the development of artificial intelligence models. Synthetic data makes it possible to do without information from real users when testing the models - the stage when their effectiveness is tested. BBVA AI Factory will therefore gain access to a development tool that is especially important in highly regulated areas like the financial sector, which must adopt measures to ensure customer privacy.
From left to right: Francisco Maturana, CEO of BBVA AI Factory; Jesús Renero, Head of Advanced Analytics at BBVA AI Factory; Mario Bricio, co-founder of Dedomena; and Joan Llop, Head of Communication at BBVA AI Factory.
The emerging company defended its proposal during its pitch at the University of Navarra, held as part of its SofIA startup accelerator program. Over 50 companies participated in this first edition where the jury assessed the teams, the ability to innovate, the novelty of the approach and guarantees of success. Using these criteria, in addition to Dedomena, Earthpulse, WhiteBox and IASolver were selected to solve the challenges proposed by Axa Seguros, Carrefour and Laboratorios Cinfa, the other companies participating in SofIA.
During the meeting, Francisco Maturana, the CEO of BBVA AI Factory, said that “being part of initiatives like SofIA helps us to stay in touch with the startup ecosystem, identify analytical talent and discover solutions that can add a lot of value to the bank.”
During the stage of developing technological solutions, the selected startups will receive mentoring and training from the University of Navarra, monitoring from the participating companies and the tools needed to finalize their projects.