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Fairgen raises $8M for statistically accurate AI-generated survey responsesThe company's advances in mathematical research allow them to generate predictive synthetic responses with proven accuracy, upending the $94 billion research and insights industry TEL AVIV, Israel, May 9, 2024 /PRNewswire/ -- Fairgen, the company generating accurate AI responses to surveys, has raised $8 million to date in Seed funding, led by Maverick Ventures Israel, with participation from Tal Ventures, IGNIA and Creator Fund to move consumer insights into the AI era. The company is launching FairBoost, its flagship solution that doubles the size of under-sampled segments using predictive synthetic responses. Consumer brands spend millions on market research to understand everything they can about their target markets. In most cases, they are forced to waste resources collecting large amounts of data to meet sample quotas and reach conclusions about niche markets. In some cases, researchers must go back and pay a premium to collect more responses from underrepresented groups in the study. These boosts generally take weeks to collect and can be prohibitively expensive. Fairgen became the first company to use synthetic data for granular insights when it proved scientifically that it could augment under-sampled segments with a high egree of accuracy using proprietary algorithms. Fairgen's FairBoost trains an AI model exclusively on the customer's survey data. The model learns the relationship between the different surveyed groups and can extrapolate from the larger groups, generating new responses for niche groups in minutes that are mathematically guaranteed to be statistically accurate. "Through deep research, we've built AI models that augment structured datasets with statistical guarantees. This technology can unlock granular insights across all industries," said Samuel Cohen, PhD, founder and CEO of Fairgen. "We've worked with some of the top AI researchers to test and validate our method, and we are now ready to open it up to the whole industry." Fairgen was founded by Samuel Cohen, a former research scientist at Meta, and serial entrepreneurs Benny Schnaider & Michael Cohen. Advisors include unicorn founder Daniel Amzallag and Emmanuel Candès, the director of statistics and mathematics at Stanford, who helps develop, review, and validate Fairgen's technology. "Fairgen is pioneering a foundational breakthrough in quantitative research by seamlessly integrating traditional statistics with generative AI technology," said Prof. Candès. "This fusion leads to enhanced predictability, as evidenced by a rigorous assessment of its outputs." "Fairgen's pioneering approach, using statistical AI to generate synthetic data, leverages AI in a new way" said Michel Abadi, General Partner at Maverick Ventures Israel. "This technology marks a significant breakthrough for the applications of AI to a wide range of industries." Fairgen is used by some of the largest global consumer brands and has recently signed a partnership with the international market research firms, IFOP and BVA, which rigorously tested their technology and integrated it into their offerings. Media Contact
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