Synatic, the South African data integration and automation startup, has secured $2.5 million in seed extension funding.
Funding was provided by Allan Gray E-Squared Ventures (AGEV) and UW Ventures. Adansonia PE Opportunities VCC and Endeavor Harvest Fund also participated in the round.
Founded in 2017, Synatic offers a low-code/no-code solution to integrate internal and external data sources.
The firm has built a strong South African client base, providing large-scale enterprise data integration and aggregation to companies such as 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 expansion of OEM and reseller 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, Synatic’s founder and CEO.
“With this additional seed funding, we are able to bring a fresh approach to the US market, expand our sales and marketing program, and recruit new developer and reseller partners,” he added.
“The data chaos continues to present new market opportunities, and Synatic has already proven to be 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 to continue to gain momentum as more enterprise organizations strive to extract and combine data trapped in dispersed data lakes and repositories.”
The company’s low-code/no-code solution simplifies the integration of internal and external data sources, making it easier for organizations to connect their systems and use their data.
Synatic also offers pre-built connectors for popular data sources like AWS, Google Cloud, Sage, and HubSpot.