Synatic Secures $2.5 Million in Seed Extension Funding

The data integration and automation platform will use the additional funds to expand market reach in the United States in preparation for Series A funding early in 2023.

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Synatic (Newark, Del.), a provider of a modern data integration and automation platform designed to combine iPaaS, ESB, ETL and API Management into a simple yet powerful tool for insurance and wealth management companies, reports that it has secured an additional $2.5 million in a seed extension funding round led by Johannesburg-based investors Allan Gray E-Squared Ventures and UW Ventures. Synatic says it will use the additional funds to expand market reach in the United States in preparation for Series A funding early in 2023.

Martin Naude, founder and CEO, Synatic.

“Synatic’s integration and automation platform is already gaining ground in multiple international markets,” comments Martin Naude, founder and CEO, Synatic. “With this additional seed money, we can bring a new focus to the U.S. market, expanding our sales and marketing program and recruiting new reseller and developer partners.”

Participating in the seed extension round are Allan Gray E-Squared Ventures (AGEV), UW Ventures, Adansonia PE Opportunities VCC, and the Endeavor Harvest Fund. Adansonia PE Opportunities VCC (APEO) is an African opportunities permanent capital structure based in Singapore. APEO seeks to invest in businesses well-positioned to benefit from the rapid adoption of mobile technologies and the growth in demand for fast-moving consumable goods by rapidly urbanizing populations. Endeavor Harvest Fund is a founder-aligned, rules-based fund investing in a vetted pipeline of medium-sized, high-growth Endeavor Entrepreneurs.

“Data chaos continues to present new market opportunities, and Synatic has already proven itself as an emerging leader in the expanding data management space,” comments Harry Apostoleris, Co-founder, UW Ventures. “We expect Synatic’s unique hybrid approach to moving and managing data will continue to gain momentum as more enterprise organizations struggle with extracting and combining data trapped in scattered data lakes and repositories.”

Harry Apostoleris, Co-founder, UW Ventures.

Increasing Market Footprint in U.S. 

Synatic says it intends to use the additional seed funding to increase its market footprint in the U.S., including direct sales and expanding reseller and OEM partnerships. Synatc sats its platform offers simple, enterprise-grade tools to cut the time and cost of integration, automation, and analytics by 80 percent.

“As data continues to cause a multitude of problems for companies of various sizes, our investment in Synatic will help the company further expand globally, allowing organizations to seamlessly connect their systems and utilize their data,” says Brendon Jones, CEO, Adansonia Fund Manager Private Limited, and Director of APEO.

Synatic characterizes its offering as providing a complete solution for the $19 billion data integration market, offering a low-code/no-coder/your-code solution to simplify the integration of internal and external data sources. The company reports that it has already developed automated data integration solutions for prominent insurance and wealth management companies and is empowering Salesforce customers. Synatic says it also offers pre-built connectors to commonly used data sources such as AWS, Google Cloud, Sage, HubSpot, and other data sources.

Leveraging the Abundance of Life Insurance Data

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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