The South African company Synatic, which specializes in data integration and automation, has been granted $2.5 million in seed extension financing.
Allan Gray E-Squared Ventures (AGEV) and UW Ventures were the primary contributors to the money. In addition, the round included participation from the Adansonia PE Opportunities VCC and the Endeavor Harvest Fund.
Synatic was established in 2017 and provides a solution that requires little to no coding and can integrate both internal and external data sources.
The firm has built itself up on the strength of a significant client base in South Africa by delivering big-scale corporate data integration and aggregation to companies such as Easy Equities. At the moment, it offers data solutions to international corporations such as HCC Tokio Marine, which is an insurance company located in the United States.
Increasing Synatic’s market presence in the United States, including direct sales as well as extending reseller and OEM alliances, will be one of the primary uses for the extra initial money that has been secured. The company is getting ready for the Series A investment round that will take place in 2023.
“Synatic’s integration and automation platform is already gaining traction in multiple international markets,” said Martin Naude, founder and CEO of Synatic.
“With this additional seed funding, we can bring a new focus to the US market, expanding our sales and marketing program and recruiting new reseller and developer partners,” he added.
“Data chaos continues to present new market opportunities, and Synatic has already proven itself as an emerging leader in the expanding data management space,” said Harry Apostoleris, Co-founder of UW Ventures.
“We expect Synatic’s hybrid approach to moving and managing data will continue to gain momentum as more enterprise organisations struggle with extracting and combining data trapped in scattered data lakes and repositories.”
The company’s low-code/no-code solution simplifies the integration of internal and external data sources, making it easy for organizations to connect their systems and utilize their data.
Synatic also offers pre-built connectors to popular data sources such as AWS, Google Cloud, Sage, and HubSpot.
