Mumbai: Synaptic, an alternative data insights start-up, announced today the successful closure of $20 million in Series B funding round led by Valor Equity Partners.
With the funding, Synaptic will continue to invest in product innovations, double down on its data science capabilities, partnerships with data vendors, and expand its go-to-market teams in key global financial hubs.
“The amount of data generated by the world grows exponentially every year and can be valuable in providing accurate, detailed insights across all types of markets. However, the data is raw, unstructured, and constantly shifting, making it difficult for companies to use it in any meaningful way. We are a leader in analyzing billions of data points every day to provide reliable insights to investors and corporations so they can make better decisions. With the Series B funding, we will massively increase our reach and bring our capabilities to more markets and geographies. We are highly enthusiastic about the investment from Valor and look forward to working together with their incredibly experienced team to elevate Synaptic to the next level.”, said Anurag Abbott, Co-Founder, Synaptic.
Speaking on the investment, Antonio Gracias, the Founder, Chief Executive Officer, and Chief Investment Officer of Valor noted, “Valor has a long history of leveraging alternative data to enhance decision making. As the world becomes more chaotic, the importance of alternative data only grows. We are excited to support the Synaptic team as they enhance the accessibility and utility of alternative data.”
Synaptic was incubated as the data and analytics team at Vy Capital, a $6 billion AuM global technology investment company. Born out of the Vy team’s frustration with existing tools and processes, Synaptic was spun out as an independent company in 2016. Previously, the company has raised $6mn in seed and Series A funding from Ribbit Capital, Felicis Ventures, and Vy Capital Management.
Speaking on the funding, Rohit Razdan, Co-Founder, Synaptic, said, “This is a significant step forward to harness the full potential of merging ML and analytics with alternative data to improve investing decisions. We are grateful for the continued support of existing shareholders and the addition of new investors. We will continue extending and strengthening access to our solutions for decision-makers and alternative data providers. Research and data is a $100bn+ industry that has just begun using alternative data. We want to be the partner of choice for any organization that wants to leverage alternative datasets.”
