South African data integration and automation startup Synatic has secured $2.5 million in seed extension funding.
The funding was led by Allan Gray E-Squared Ventures (AGEV) and UW Ventures. Adansonia PE Opportunities VCC and the Endeavor Harvest Fund also participated in the round.
Founded in 2017, Synatic offers a low-code/no-code solution for integrating internal and external data sources.
The company has built off a strong South African customer base, providing large-scale enterprise data integration and aggregation to the likes of Easy Equities. It currently provides data solutions to multinationals such as HCC Tokio Marine, a US-based insurance group.
The additional seed funding will be used to increase Synatic’s market footprint in the United States, including direct sales and expanding reseller and OEM partnerships. This is in preparation for its Series A funding round 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."
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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.