Data Analytics Startup Synaptic Raises $20 Mn Funding To Help Investors Make Better Decisions

Data analytics startup Synaptic has raised $20 Mn in its Series B funding round. With the current funding, the startup has closed its Series B round, which was an equity funding.

Valor Equity Partners led the funding round while a few other investors participated in the round too. 

The funds will be deployed for product development, enhancing Synaptic’s data science capabilities, hiring talent and forming rapports with data vendors. The startup will also deploy money into expanding its footprint.

Synaptic was originally spun out of Vy Capital in 2016 by its founders, Anurag Abbott and Rohit Razdan. The Gurugram-based startup is an online data analytics platform that helps investors in the decision-making process. In essence, it converts unstructured data of various companies into meaningful one and creates business insights out of it.

“We take a bunch of unstructured data that is available about companies such as credit card spending, employees headcount, job postings, and employees review etc….Our customers are investors, who get a view of the entire industry, on our platform,” said Rohit Razdan, cofounder of Synaptic.

Synaptic claims to employ 100 performance metrics such as web and mobile traffic, SEO data, employee data, product reviews, developer activity, search trends, among others while structuring data. Following this, these structured data sets are layered with ML and AI thus, giving personalised insights to investors.

Synaptic has raised $26 Mn to date. Its revenue grew by 100% in the last fiscal year. It counts Ribbit Capital, Felicis Ventures, and Vy Capital Management as its investors, as shared by the startup.

In the data analytics space, Synaptic faces competition from names such as Finarkein Analytics, TheMathCompany, and Data Science Wizards. 

Government Push For India’s Data Analytics Sector

The Indian government is currently drafting the National Data Governance Framework Policy (NDGFP). To frame the data policy, it recently made a proposition of setting up an India Data Management Office. 

The Centre’s move is suggestive of the growing significance of India’s data analytics sector. The sector has been seeing private payers actively engaging in the same whilst the government’s participation has been quite negligible over the years. 

According to a report, the country’s data analytics market was worth $45.4 Bn in FY 2021. The sector is expected to be worth $98 Bn by 2025, growing at a CAGR of  21.2% CAGR till 2026. 

In March, data engineering startup Scribble Data secured $2.2 Mn from Blume Ventures, Log X Ventures and Sprout Venture Partners. Besides, IT giant Clover Infotech acquired a 25% stake in data and AI startup Data Science Wizards for INR 15.22 Cr. 

In February, data analytics startup Finarkein Analytics secured funding from IIFL’s Fintech Fund and Redstart Lab. A month prior to that, data engineering startup TheMathCompany bagged $50 Mn funding from Brighton Park Capital and Arihant Patni.