Maybe, it depends on the phone model and version of Andriod that it runs. Most decent phones now have full disk encryption enabled, and a factory reset will generate a new random key. So in most cases, it's a dead end.
Thanks for creating a thread that opens the doors for cell phone recovery software spammers to try and jump in. Or, is your comment in response to a post that has since been deleted?
There was a post, which I replied to. Then the OP went back and tried to completely change the original post making my response not make sense anymore. I rejected the edit in the moderation queue and it seems to have deleted the original unedited post too.
After factory reset, the Android data maybe overwritten, so the best way is make a backup before you reset your phone. If you don't make a backup, you can try the third-party tool, may be you can restore some data.