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Synatic Raises $2.5m Seed Extension Round

The SA data automation startup enables enterprises to iterate quickly and provides rapid time to value for businesses needing to accelerate innovation leveraging multiple complex data systems.

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South African data automation startup Synatic has raised a US$2.5 million seed extension round of funding to grow its footprint in the United States (US).

The seed extension round was led by Allan Gray E-Squared Ventures and UW Ventures. Also participating are Adansonia PE Opportunities VCC, and the Endeavor Harvest Fund. Synatic said it will use the additional funds to expand its market reach in the US in preparation for Series A funding in 2023.

The startup has built off a strong South African customer base, providing large-scale enterprise data integration and aggregation to the likes of Easy Equities. Through growing its market globally it currently provides data solutions to multiple multinationals such as HCC Tokio Marine, a US-headquartered insurance group.

Martin Naude, Synatic Founder and CEO said:  Synatic’s integration and automation platform are already gaining ground in multiple international markets. With this additional seed money, we can bring a new focus to the US market, expanding our sales and marketing programme and recruiting new reseller and developer partners.”

Harry Apostoleris, UW Ventures co-founder said: “Data chaos continues to present new market opportunities, and Synatic has already proven itself as an emerging leader in the expanding data management space. 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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