Data analytics Firm, Synaptic has raised $20 million in its Series B funding round from Valor Equity Partners.
The startup plans to use the funds to invest in product development, increase its partnerships with data vendors, and expand its go-to-market teams in global financial centers.
Gurgaon-based Synaptic was founded in 2016 by Rohit Razdan and Anurag Abbott, Its data and insights platform is used by venture capital firms and hedge funds to track companies, conduct market research, and monitor portfolios.
It currently has offices in India and the United States of America.
“We will continue extending and strengthening access to our solutions for decision-makers and alternative data providers. Research and data is a $100 billion+ industry that has just begun using alternative data. We want to be the partner of choice for any organization that wants to leverage alternative datasets”, said, Rohit Razdan, Co-founder of Synaptic.
“With the Series B funding, we will massively increase our reach and bring our capabilities to more markets and geographies”, said, Co-founder Anurag Abbott.
Synaptic said in a statement that the company intends to expand its operations in 2023, as many of its customer bases come from its operations outside the United States.
“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. We are excited to support the Synaptic team as they enhance the accessibility and utility of alternative data”, said, Antonio Gracias, Founder, CEO, and Chief Investment Officer of Valor.
The firm was incubated by global technology investment firm Vy Capital with $6 billion in assets under management.
Earlier, Synaptic had raised $6 million in its seed and Series A funding round from Ribbit Capital, Felicis Ventures, and Vy Capital Management.
Synaptic helps investors and decision-makers get company insights from a wide spectrum of alternative data on a no-code platform. They unify data from proprietary and custom sources layered with a rich analytics toolkit, to make investment research more efficient—from sourcing and tracking to due diligence. They are trusted by top Venture Capital and Private Equity firms, Asset Managers, and Hedge Funds across the globe.
Alternative datasets on Synaptic include website traffic, app and product reviews, employee and hiring data, search trends, funding information, tech mentions, and many more.