Synaptic, an alternative data insights startup, announced on May 31 that it has raised US $20 million in a Series B fundraising round headed by Valor Equity Partners.
Synaptic expects to use the funds to invest in product innovation and grow its data science capabilities, data vendor collaborations, and go-to-market teams in key global financial hubs. According to Synaptic’s creator Rohit Razdan, the company’s staff headcount will treble to 160 in the next 18 months.
What the founder has to say:
Founder Rohit Razdan:
“We have a significant backlog of feature innovation that we want to do and that our consumers have requested. This cash will allow us to hire more individuals to assist us in completing those tasks.
Second, until now, Synaptic has grown primarily by word-of-mouth. We’d now hire a sales staff and more salespeople in the United States and a marketing team to assist us in getting our message in front of more people, which we feel would resonate with many potential buyers.”
What the investors have to say:
Antonio Gracias, Founder, CEO, and Chief Investment Officer of Valor:
“Valor has a lengthy track record of using alternative data to improve decision-making. Alternative data is becoming increasingly important as the world becomes more chaotic. We’re thrilled to be able to help the Synaptic team improve the accessibility and utility of alternative data.”
About the company:
Synaptic, founded by Razdan and Anurag Abbott in 2016, is a data and insights platform for investors wanting to use various alternative datasets to discover and track firms of interest, conduct market research, and monitor their portfolios. Vy Capital, a worldwide technology investment firm with US $6 billion in assets under management, nurtured the startup.
According to Abbott, synaptic also plans to grow its global operations in 2023, as around a tenth of its customer base originates from processes outside the United States. The company currently has offices in India and the United States.
The Synaptic Growth Index, which uses unique data science and machine learning algorithms to dynamically combine several performance criteria to give every company a momentum score, was released last year.
Ribbit Capital, Felicis Ventures, and Vy Capital Management had previously invested US $6 million in the company as seed and Series A capital. According to Razdan, these firms are among the global Venture Capital Funds, Private Equity firms, Hedge Funds, and Asset Managers that trust Synaptic with assets totaling several hundred billion dollars.
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