AI Startup Synapse Analytics Raises $2M in Latest Funding Round
Synapse Analytics software helps financial institutions adopt AI machine learning in their operations.
AI startup Synapse Analytics has raised $2 million in its latest round of funding. The investment was led by Silicon Badia, a venture capital firm based in Jordan, and Hub 71, the UAE’s pioneering tech ecosystem. This follows the announcement on June 22nd that the company had raised $2 million in a pre-Series A funding round.
Synapse Analytics was established in Cairo by Ahmed Abaza and Galal ElBeshbishy in 2018. The company aims to facilitate financial inclusion and access by providing cutting-edge AI software for key financial decisions, including credit scoring, cross-selling, and dynamic pricing.
Synapse's flagship platform, Konan, focuses on helping financial institutions easily integrate machine learning within existing decision rules. Konan, along with Synapse’s comprehensive document extraction and process automation platform Doxter, offers financial institutions deployment options including cloud, on-premise, and hybrid models.
To date, Synapse Analytics has already established multiple partnerships with major banking product providers, including AWS, Crealogix, and TUMM. The company’s founders envision that such partnerships will drive transformative change in the Middle East and Africa’s financial sectors.
“We see many AI companies, but Synapse stood out for its proprietary technology that addresses critical pain points for financial institutions," Hamed Masri, Partner at Silicon Badia, tells StartupScene. "The impact clients see on NPL rates and processing times speaks volumes about the strength of their product. We're excited about the versatility of their tech in other verticals and believe there's no better team to execute on the founders' vision.”
The additional funding will enable Synapse Analytics to expand its AI technologies across the GCC and Africa.
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