South African data automation company Synatic has raised seed funding from UW Ventures in partnership with Allan Gray and E Squared to deepen its low-code data platform and expand its customer base across the United States (US).
Launched in 2017, Synatic has developed a low-code data automation platform that enables enterprises to iterate quickly and provides rapid time to value for businesses needing to accelerate innovation leveraging multiple complex data systems.
Bootstrapped to date, Synatic’s mission is to help enterprises build their business faster through its powerful, but simple data platform. The company now has over 40 enterprise customers across Africa, Australia and the United States (US), with a focus on financial services companies, including Tokio Marine, Community Bank and EasyEquities.
It will now expand further in the US with the seed funding round. Synatic chief executive officer (CEO) Martin Naude, who previously exited startup Encentivize, said he had always wanted to build an international software company with South African roots.
“We believe there is a wealth of talent and experience in South Africa, which offers us a great opportunity to build world-class products. We have found product-market-fit and required capital to expand the team, deepen our tech and grow our US customer base,” he said.
“We’re privileged to have UW Ventures and their partners Allan Gray and E Squared as our first investors. They really get our vision to make powerful data automation simpler. We look forward to having them on board, not only as investors but as advisors.”
UW Ventures director Harry Apostoleris said he was excited to be investing in Synatic, and to support the team during its next phase of growth.
“Synatic have built a world-class product that sits at the intersection of a large and rapidly growing SaaS market, the proliferation of the API economy and a drive by businesses to unlock value from and monetise their data,” he said.
The company’s positioning at this intersection, coupled with Synatic’s role as an enabler of digitisation, places the business on a very exciting track.
“We were attracted to Martin’s compelling product vision and the early validation from partners and customers, and we believe the business is well positioned to become an enduring company,” said Apostoleris.