$2.5 M raised by SA data automation startup Synatic in seed extension round

Synatic, a South African data automation business, has secured US $2.5 million in a seed extension round of financing to expand its presence in the country (US).

With its 2017 launch, Synatic has created a low-code data automation platform that enables organisations to innovate more rapidly by using several complicated data systems. This platform also offers quick time to value for businesses.

The firm obtained an extra US $2.5 million in seed extension investment in a round that was co-led by Allan Gray E-Squared Ventures and UW Ventures after operating entirely on its own until early 2021. The Endeavor Harvest Fund and Adansonia PE Opportunities VCC are also participating.

In order to prepare for Series A fundraising in 2023, Synatic will use the additional capital to increase its market penetration in the US. The firm, which offers large-scale enterprise data integration and aggregation to clients like Easy Equities, has grown to a solid South African customer base. It presently offers data solutions to several corporations, like the US-based insurance business HCC Tokio Marine, via expanding its market internationally.

“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.”