German financial services firm Deutsche Bank is partnering with Synthesized, a data generation platform provider, to enhance its data capabilities.
The tie-up will see the bank’s Corporate Venture Capital (CVC) group invest an undisclosed sum in the technology firm.
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Synthesized caters to data and engineering teams by enabling them to create and share data by leveraging machine learning and automation.
The lender is already partnering with Synthesized to better use data and accelerate the adoption of AI/ML-powered client insights while enhancing privacy and security.
Deutsche Bank’s engineering teams can access synthetic test data via Synthesized’s platform to speed up testing, get more accurate outcomes and reduce time to market.
The synthetic, non-traceable versions of original datasets are expected to help the bank experiment with large data sets for AI/ML use cases and additional new technologies.
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By GlobalDataDeutsche Bank chief innovation officer and head of corporate venture group Gil Perez said: “Synthesized’s mission is to provide access to secure, compliant, high-quality synthetic data, faster and easier.
“Our investment in Synthesized will further accelerate our application migration, data analysis, experimentation and testing in the cloud – enabling Deutsche Bank to increase its data productivity and innovation velocity.
“We are thrilled to expand our partnership with Synthesized and having it join the bank’s Corporate Ventures Capital portfolio companies. This is another milestone in Deutsche Bank’s ongoing cloud and innovation journey.”
Deutsche Bank’s CVC is focused on investing in fintechs and technology start-ups that can help the bank enhance client experience, create new banking and financial services or increase efficiency. With the investment, Synthesized has become a part of the bank’s CVC portfolio, which includes SkyHive, Tania and SeaLights.
