Fairgen raises $8 million Seed round for accurate AI-generated survey responses
Fairgen raises $8 million Seed round for accurate AI-generated survey responses
The Israeli startup, founded by Samuel Cohen, Benny Schnaider and Michael Cohen, uses synthetic data for granular insights after proving that it could augment under-sampled segments with a high degree of accuracy using proprietary algorithms
Fairgen, which generates accurate AI responses to surveys, announced on Thursday that it has raised $8 million in Seed funding, led by Maverick Ventures Israel, with participation from Tal Ventures, IGNIA and Creator Fund. The company also announced that it is launching FairBoost, its flagship solution that doubles the size of under-sampled segments using predictive synthetic responses.
Fairgen was founded by Samuel Cohen, a former research scientist at Meta and serial entrepreneurs Benny Schnaider and Michael Cohen. Chairman Schnaider has registered four exits in his illustrious career: Ravello to Oracle ($500 million in 2016), Qumranet to Red Hat ($107 million in 2008), P-Cube to Cisco ($200 million in 2004), and Pentacom to Cisco ($118 million in 2000).
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 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.
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 uses synthetic data for granular insights after proving scientifically that it could augment under-sampled segments with a high degree of accuracy using proprietary algorithms. Fairgen's FairBoost trains an AI model exclusively on the customer's survey data. According to the company, 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."
