Egypt’s AI Startup Synapse Analytics Raises $2 Million in Pre-Series A Funding Round Led By Egypt Ventures

Synapse Analytics, an Artificial Intelligence (AI) startup has secured $2 million in a pre-series A funding round led by Egypt Ventures. Other participating investors include Cloudera’s founder, Amr Awadallah, as well as Africa Platforms Founder, Simon Rowlands.

Synapse Analytics will use the new fund raised to speed up its efforts to help businesses adopt AI and expand its operations.

The Egypt-based startup was founded in 2018 by Ahmed Abaza and Galal ElBeshbishy to build trust between AI and businesses trying to adopt machine learning in their operations through Konan, its machine learning operations automation platform.

Konan is a platform that gives data teams full autonomy on their pipeline without relying on extensive support software teams, to help in the deployment and scaling of the necessary infrastructure and enables them to better manage their machine learning projects and ensure the success of their adoption.

“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 the COO of Synapse Analytics, Galal El-Beshbishy.

As the use of artificial intelligence has become an integral part of most business operations, difficulties with the deployment and maintenance of the systems have grown into a pertinent obstacle for users. 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. 

Gartner statistics states that 87% of all Machine Learning projects end in demise, due to the complexity and different roles required to deploy and scale a machine learning project in any business. Synapse’s use-case-focused platform works to combat this problem head-on by streamlining and automating the deployment and management of machine learning models.

The company has built its platform from first-hand experience in building and scaling AI algorithms. Since its inception, Synapse Analytics has built and deployed more than 100 Algorithms, in more than 12 industries including; financial services, logistics, and fast-moving consumer goods (FMCGs), serving multinational clients, as well as local businesses and startups. The company employs more than 50 engineers, with experience levels ranging from PhDs and MScs to industry experts.

“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.

Commenting on Synapse in the light of the fresh funding round, Ahmed Gomaa, Egypt Ventures CEO said, “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.”