The Alternative data platform Synaptic bags $20 mn in its Series B round of funding
- ByStartupStory | May 31, 2022
Synaptic, a Gurugram-based alternative data platform for investors, has announced a $20 million Series B round of investment headed by Valor Equity Partners. The funds will be used for product development, doubling down on data science skills, forming relationships with data providers, and growing its go-to-market teams. The platform provides its services on a yearly or two-year contract basis and charges a platform price in addition to a one-time integration fee. The platform competes with data systems like Tracxn, CBInsights, and others.
Anurag Abbott and Rohit Razdan, former Vy Capital technology professionals, founded Synaptic as part of the investment company and spun it out as a distinct organisation in 2016. Ribbit Capital, Felicis Ventures, and Vy Capital Management contributed $6 million in seed and Series A funding to the firm. Synaptic assists public market investors in private enterprises, private equity, and venture capital firms in tracking the performance of portfolio companies, rivals, and future investment targets.
Anurag Abbott, the co-founder of Synaptic said that the firm incorporates the customer’s portfolio firms across regions into the CRM and assists them in tracking their portfolio’s KPI (Key Performance Indicators) over time. The platform also indicates a company’s tipping point. Apart from merger and acquisition targets, customers may use the platform to watch the competition of their portfolio firms.
Antonio Gracias, the founder, CEO, and Chief Investment Officer of Valor stated that Valor has a lengthy track record of using alternative data to improve decision making. The relevance of alternate data rises as the world gets more chaotic. And the firm is thrilled to be working with the Synaptic team to improve the accessibility and usability of alternative data.
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