Local data automation and integration startup, Synatic, has secured an additional $2.5 million (+- R42 million) in a seed extension funding round led by Allan Gray E-Squared Ventures and UW Ventures. The company will use the additional funds to expand its market reach in the United States in preparation for Series A funding in 2023.
Synatic has built off a strong South African customer base, providing large scale enterprise data integration and aggregation to the likes of Easy Equities. Through growing its market globally it currently provides data solutions to multiple multinationals such as HCC Tokio Marine, a US-headquartered insurance group.
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Participating in the seed extension round are Allan Gray E-Squared Ventures (AGEV), UW Ventures, Adansonia PE Opportunities VCC, and the Endeavor Harvest Fund. AGEV and UW Ventures are leading investment management and venture firms based in South Africa.
“As data continues to cause a multitude of problems for companies of various sizes, our investment in Synatic will help the company further expand globally, allowing organisations to seamlessly connect their systems and utilise their data,” says Brendon Jones, Chief Executive Officer of Adansonia Fund Manager Private Limited and Director of APEO.
Adansonia PE Opportunities VCC (APEO) is an African opportunities permanent capital structure based in Singapore. APEO seeks to invest in businesses well-positioned to benefit from the rapid adoption of mobile technologies and the growth in demand for fast-moving consumable goods by rapidly urbanising populations. Endeavor Harvest Fund is a founder-aligned, rules-based fund investing in a vetted pipeline of medium-sized, high-growth Endeavor Entrepreneurs.
“Data chaos continues to present new market opportunities, and Synatic has already proven itself as an emerging leader in the expanding data management space,” says Harry Apostoleris, Co-founder of UW Ventures. “We expect Synatic’s hybrid approach to moving and managing data will continue to gain momentum as more enterprise organisations struggle with extracting and combining data trapped in scattered data lakes and repositories.”
The additional seed funding will be used to increase Synatic’s market footprint in the United States, including direct sales and expanding reseller and OEM partnerships. The company’s Hybrid Integration Platform is a data automation solution that brings together various business data and operational platforms into a single repository, enabling businesses to unleash the power of their data. The platform offers simple, enterprise-grade tools to cut the time and cost of integration, automation, and analytics by eighty percent.
“Synatic’s integration and automation platform is already gaining ground in multiple international markets,” comments Martin Naude, founder and CEO of Synatic. “With this additional seed money, we can bring a new focus to the US market, expanding our sales and marketing program and recruiting new reseller and developer partners.”
Synatic provides a complete solution for the $19 billion data integration market, offering a low-code/no-code/your-code solution to simplify the integration of internal and external data sources. The company has already developed automated data integration solutions for insurance and wealth management market leaders and is empowering Salesforce customers. Synatic also offers prebuilt connectors to commonly used data sources such as AWS, Google Cloud, Sage, HubSpot, and other data sources.