In a world of uncertainty, where the startups that once saw a boom are now laying off people in thousands due to a fund crunch, Synaptic, an alternative data-insights startup, has raised about $20 million in a Series B funding round. The round was led by Valor Equity Partners.
As per a company statement, this funding will be invested in product innovations, data science capabilities, partnerships with data vendors, and also for expansion of its team in the important financial centres of the world.
Rohit Razdan, co-founder, Synaptic, said that they will increase employee headcount to 160 over the next 18 months.
“We grew 100 per cent last year and have about 50-odd clients now. The plan is to grow 150 per cent next year and continue the same trajectory,” Razdan added.
He also stated that the Company has grown using word-of-mouth till now, and that they would now hire a sales team, and employ more people in the US to help them reach out and attract potential customers.
Anurag Abbott, co-founder, Synaptic, said that the Company had primarily focussed on the US market till now and has now begun to look at gaining traction in the European market, as well as in Hongkong and Singapore, where it will soon set up offices. The aim is to increase reach to more markets and geographies.
The platform brings together over 100 performance metrics such as web and mobile traffic, SEO data, employee data, product reviews, developer activity, search trends, and so on, on hundreds of thousands of public and private companies globally.
Meanwhile, Antonio Gracias, founder, CEO, and chief investment officer of Valor expressed excitement at the opportunity to support Synaptic saying, “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.”
Last year, the Company launched the Synaptic Growth Index, which uses proprietary data science and machine learning techniques to give every company a momentum score by intelligently blending multiple performance metrics.
Previously, the Company had raised $6 million in seed and Series A funding from Ribbit Capital, Felicis Ventures and Vy Capital Management.
