Synaptic, a data analytics startup, has raised $20 million (around Rs 154 crore) in a Series B funding round led by Valor Equity Partners.
Operated by Vy Labs Technologies Pvt Ltd, Synaptic plans to use the fresh funds to invest in product development, grow its partnerships with data vendors and expand its go-to-market teams in global financial hubs.
Founded by Rohit Razdan and Anurag Abbott in 2016, Synaptic’s data and insights platform are used by venture capital firms and hedge funds to track companies, perform market research and monitor portfolios.
“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,” Razdan said.
Co-founder Anurag Abbott added, “With the Series B funding, we will massively increase our reach and bring our capabilities to more markets and geographies.”
Synaptic is also looking to grow its operations in 2023, as many of the customer bases come from its operations outside of the United States, it said in a statement.
The company currently has offices in India and the United States.
Synaptic was incubated by Vy Capital, a global technology investment firm with assets worth $6 billion under management.
Earlier, the company raised $6 million in seed and Series A funding from Ribbit Capital, Felicis Ventures, and Vy Capital Management.
Antonio Gracias, Founder, CEO, and Chief Investment Officer of Valor said, “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.”