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Egyptian AI-focused startup Synapse Analytics closes $2M pre-series A round

The journey towards using the full-power of AI for business continues to be a long road as difficulties with deployment and maintenance of systems remain key challenges

By: Business Today Egypt

Wed, Jun. 22, 2022

Egyptian AI tech startup Synapse Analytics recently secured over $2 million in a pre-series A funding round as it aims to accelerate AI (artificial intelligence) adoption and make it more accessible for businesses.

The journey towards using the full-power of AI for business continues to be a long road as difficulties with deployment and maintenance of systems remain key challenges. Synapse’s use-case focused platform works to combat this by streamlining and automating the deployment and management of machine learning models.

“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 Ahmed Abaza, CEO of Synapse Analytics.

According to a statement, Synapse Analytics aims at building trust between AI and the businesses trying to adopt machine learning in their operations through its machine learning operations (MLOps) automation platform, Konan.

Supporting businesses through its product suite and other services, Synapse Analytics has built and deployed more than 100 Algorithms since its launch in more than 12 industries.

These include financial services, logistics and fast-moving consumer goods (FMCGs), serving multinational clients, as well as local businesses and startups, the statement noted.

Its flagship product Konan, a software as a service (SaaS), allows data science teams to use and ensure smooth deployment and scaling of their AI models with full autonomy on their pipeline without relying on extensive support software teams.

“The data scientist is central to our design. Our platform allows data scientists to focus on what they do best - build state of the art ML algorithms. Once the model is built, Konan takes care of the rest of the lifecycle. Our mission is to accelerate the world’s adoption of Artificial Intelligence,” said COO of Synapse Analytics, Galal El-Beshbishy.

The round was led by Egypt Ventures, with participation from Cloudera founder Amr Awadallah, Africa Platform founder Simon Rowlands, and existing investors.