Tonic.ai provides a platform for application developers to create synthetic datasets for use in building and testing software applications. The synthetic data is generated from and mimics actual production data, using techniques such as differential privacy. This allows the retention of the actual data’s utility. The platform also allows for automatic scanning and de-identification of sensitive data and is deployed on-premise, ensuring that sensitive data does not leave the source and risks from external threats are mitigated. Tonic.ai’s solution also enables organizations to achieve compliance with privacy regulations such as GDPR and CCPA.
During 2020, the company witnessed revenue growth of 600% and a quadrupling staff count. As at December 2020, the company had 30 customers in industries such as healthcare, financial services, edtech, logistics, and e-commerce. Key clients include eBay, The Motley Fool, Flexport, VMware, Everlywell, Kin Insurance, and Scalapay.
In September 2021, the company raised USD 35 million in a Series B funding round led by Insight Partners. The company expects to use the funds to accelerate product development, improve developer relations, and invest in customer acquisition and retention. The company also plans to expand its team of 40 to 100 in 2022.
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