AI tech startup Synapse Analytics raises US$2m pre-series A funding round

EGYPT – Synapse Analytics, an Egyptian AI technology startup, has raised US$2 million in a pre-series A funding round led by venture capital firm Egypt Ventures with participation from Cloudera’s founder Amr Awadallah, Africa Platforms’ founder Simon Rowlands, and existing investors.

The new financing will expedite and broaden Synapse’s efforts to assist firms in adopting AI.

The company currently supports business with AI-based products and is aiming to use its acquired funds to further accelerate customer adoption.

“Our mission is to accelerate the world’s adoption of Artificial Intelligence,” Chief Operating Officer of Synapse Analytics, Galal El-Beshbishy, said in a statement.

Founded in 2018 by Ahmed Abaza and Galal ElBeshbishy, the company provides data teams full autonomy on their pipeline without the need of software support teams.

“AI can create unprecedented differentiation to any business. Businesses are hiring vast data teams, but unfortunately, most projects stay in experiment mode, off-production mode or if they ever go to production, they’re rarely trusted by the business due to the diffusion of responsibility that usually occurs in the process. adoption is everything when it comes to the success of AI,” said CEO of Synapse Analytics, Ahmed Abaza.

The startup has acquired considerable traction since it was founded. The company’s platform is also based on its direct experience in developing and expanding AI algorithms.

Since its establishment, Synapse Analytics has developed and deployed more than 100 Algorithms in over 12 industries, including financial services, logistics, and fast-moving consumer goods (FMCG), for both global clients and local firms and startups.

The organisation employs over fifty engineers, whose levels of experience range from PhDs and MScs to industry specialists.

The co-founders also have long-standing experience in the industry they are exploring. Ahmed Abaza has more than a decade of experience in enterprise IT, industrial automation, and marketing technology, whilst Galal ElBeshbishy conducted research on advanced bio-inspired technologies in the United States.

The two entrepreneurs used their years of experience in the tech business to develop a product designed to speed and simplify the global adoption of artificial intelligence.

“AI is transforming every industry globally at a rapid pace. We believe the Synapse team possesses the technology and the talent to lead this transformation in the Middle East and tackle the most challenging aspect of AI adoption through their MLOps Platform” said Ahmed Gomaa, Egypt Ventures CEO.

Through its varied product range, Synapse Analytics now aids enterprises in adopting AI. In addition to their services, Synapse Analytics provides its flagship platform, Konan, as a software as a service (SaaS) that data science teams may utilise to ensure the easy deployment and scalability of their AI models.

Konan is the result of more than four years of developing, deploying, and scaling AI with large local and international companies.

The platform provides data teams with complete autonomy over their pipeline without the need for extensive software support teams to aid in the deployment and scalability of the required infrastructure, and enables them to better manage their machine learning projects and ensure their adoption’s success.

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