[Funding alert] Alternative data platform Synaptic raises $20 M in Series B round

Gurugram-headquartered alternative data platform for investors, Synaptic, has announced raising $20 million in a Series B round of funding led by Valor Equity Partners. 

The company will utilise the capital for product innovation, doubling down on data science capabilities, partnerships with data vendors, and expanding its go-to-market teams.

Synaptic was incubated as part of Vy Capital by former technology executives at the investment firm, Anurag Abbott and Rohit Razdan, and spun out into a separate entity in 2016. The company has raised $6 million in equity capital across seed and Series A rounds from Ribbit Capital, Felicis Ventures, and Vy Capital Management.  

Synaptic helps public market investors investing in private companies, private equity, and venture capital firms track the performance of portfolio companies and their competitors as well as potential investment targets. The platform works with multiple sources of publicly available data such as software review site G2 Labs, company insights platform Crunchbase, web analytics and intelligence platform Similarweb, among others. 

“We add the customer’s portfolio companies across geographies to the CRM and help them track the KPI (Key Performance Indicators) of their portfolio over time. The platform also flags the inflection point for a company. Our customers can also use the platform to track the competitors of their portfolio companies as well, apart from merger and acquisition targets,” Anurag Abbott, Co-founder of Synaptic, told YourStory. 

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The platform offers its services through an annual or two-year contract, and charges a platform fee, apart from a one-time integration fee.

“We have over 50 marquee names working with us, including the likes of Valor Equity Partners, Vy Capital, Ribbit, Greenoaks and others,” said co-founder Rohit Razdan. He added that the Synaptic platform had automated a large part of data cleaning. 

The company is also looking to double its headcount from 80 people at present over the next 18 months across engineering and data science functions, sales, and marketing. 

“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 at Valor, in a statement issued by the company. 

The platform competes with the likes of data platforms such as Tracxn, CBInsights, and others. It offers a dashboard of 100 performance metrics such as web and mobile traffic, SEO data, employee data, product reviews, developer activity, search trends, and others to track performance. It also launched Synaptic Growth Index in 2021 using proprietary data science and machine learning to give every company a momentum score by blending performance metrics.