Synaptic, an alternative data insights start-up, has closed a $20 million Series B funding round led by Valor Equity Partners.

With this funding, Synaptic will continue to invest in product innovations, double down on its data science capabilities and partnerships with data vendors, and expand its go-to-market teams in key global financial hubs.

Rohit Razdan, Co-Founder, Synaptic, told Businessline that the start-up plans to double its workforce from 80-plus employees to 160 across geographies and marketing functions in the next 12-18 months. It also intends to add more clientele.

“We grew 100 per cent last year and have about 50 odd clients now. The plan is to grow 150 per cent next year and continue the same trajectory,” Razdan added. 

Focus on the US market

The start-up is currently focussed on the United States market and has started to get traction from Europe, Hongkong, and Singapore-based investors as well. “With the Series B funding, we will massively increase our reach and bring our capabilities to more markets and geographies,” said Anurag Abbott, Co-Founder, Synaptic.

Synaptic provides a data and insights platform to investors looking to leverage diverse alternative datasets in sourcing and tracking companies of interest, market research, and portfolio monitoring. In 2021, the company launched the Synaptic Growth Index, which uses proprietary data science and machine learning techniques to give every company a momentum score by intelligently blending multiple performance metrics.

Antonio Gracias, the Founder, Chief Executive Officer (CEO), and Chief Investment Officer (CIO) of Valor said, “as the world becomes more chaotic, the importance of alternative data only grows. We are excited to support the Synaptic team as they enhance the accessibility and utility of alternative data.”

Previously, the company has raised $6 million in seed and Series A funding from Ribbit Capital, Felicis Ventures, and Vy Capital Management.