In a seed extension investment round led by Allan Gray E-Squared Ventures and UW Ventures, Martin Naude, founder and CEO of local data automation and integration firm Synatic, secured an extra $2.5 million (+- R42 million).
In order to prepare for Series A fundraising in 2023, the company will use the additional capital to broaden its market reach in the United States.
Synatic provides large-scale enterprise data integration and aggregation to companies like Easy Equities, building on a solid South African customer base in the process.
It currently offers data solutions to numerous corporations, including the US-based insurance business HCC Tokio Marine, through expanding its market internationally.
Allan Gray E-Squared Ventures (AGEV), UW Ventures, Adansonia PE Opportunities VCC, and the Endeavor Harvest Fund are taking part in the seed extension round. Leading investment management and venture firms with headquarters in South Africa include AGEV and UW Ventures.
According to Brendon Jones, Chief Executive Officer of Adansonia Fund Manager Private Limited and Director of APEO, “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 organizations to seamlessly connect their systems and utilize their data.”
Adansonia PE Prospects VCC (APEO) is a permanent capital structure for African opportunities with offices in Singapore.
The APEO aspires to invest in companies that are well-positioned to profit from the quick uptake of mobile technologies and the rise in demand for quickly consuming items among populations who are increasingly urbanizing. The founder-aligned, rules-based Endeavor Harvest Fund makes investments in a pipeline of medium-sized, high-growth Endeavor Entrepreneurs.
According to Harry Apostoleris, co-founder of UW Ventures, “Data chaos continues to present new business opportunities, and Synatic has already established itself as an emerging leader in the growing data management field.
As more corporate organizations struggle to extract and combine data locked in dispersed data lakes and repositories, “we think Synatic’s hybrid approach to transferring and managing data will continue to gain pace.”
The new seed money will be utilized to broaden OEM and reseller relationships as well as direct sales to improve Synatic’s market presence in the US. With the help of the company’s Hybrid Integration Platform, which unifies diverse operational systems and corporate data into a single repository, firms can unleash the power of their data. The platform provides straightforward, business-grade solutions that can reduce integration, automation, and analytics time and cost by 80%.
According to Martin Naude, founder and CEO of Synatic, “Synatic’s integration and automation platform is already gaining root in a number of foreign marketplaces.” We can refocus on the US market with the help of this extra initial funding, which will allow us to grow our sales and marketing efforts and bring on more reseller and developer partners.
With a low-code/no-code/your-code solution to make the integration of internal and external data sources simpler, Synatic offers a comprehensive solution for the $19 billion data integration market.
For industry leaders in wealth management and insurance, the company has already created automated data integration solutions, and it is empowering Salesforce users. Additionally, Synatic provides prebuilt interfaces to popular data sources including AWS, Google Cloud, Sage, HubSpot, and others.