South African data automation startup Synatic has raised a US$2.5 million seed extension round of funding to grow its footprint in the United States (US).
Launched in 2017, Synatic has developed a low-code data automation platform that enables enterprises to iterate quickly and provides rapid time to value for businesses needing to accelerate innovation leveraging multiple complex data systems.
Bootstrapped until it first raised capital early in 2021, the startup has now raised an additional US$2.5 million in seed extension funding in a round led by Allan Gray E-Squared Ventures and UW Ventures. Also participating are Adansonia PE Opportunities VCC, and the Endeavor Harvest Fund.
Synatic will use the additional funds to expand its market reach in the US in preparation for Series A funding in 2023. The startup has built off a strong South African customer base, providing large scale enterprise data integration and aggregation to the likes of Easy Equities. Through growing its market globally it currently provides data solutions to multiple multinationals such as HCC Tokio Marine, a US-headquartered insurance group.
“Synatic’s integration and automation platform is already gaining ground in multiple international markets,” said Martin Naude, founder and CEO of Synatic. “With this additional seed money, we can bring a new focus to the US market, expanding our sales and marketing programme and recruiting new reseller and developer partners.”
“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.”