Synapse Analytics, an innovative Egyptian artificial intelligence (AI) startup, has raised a $2 million investment to scale its AI-driven solutions within the Gulf Cooperation Council (GCC) and the African continent. The investment round was spearheaded by Silicon Badia, a venture capital firm, and Hub71, based in Abu Dhabi.
Co-founded in 2018 by Ahmed Abaza and Galal El Beshbishy, Synapse Analytics is on a mission to enhance business performance through AI, thereby facilitating more informed decision-making processes.
The company primarily serves the financial industry, tackling issues such as financial inclusion and accessibility. It offers sophisticated AI tools for functions like credit scoring, cross-selling, pricing optimization, and customer identification, all designed to address the unique challenges of the sector.
The startup’s principal product, Konan, is an MLOps platform that streamlines the adoption of AI within the workflows of financial institutions. Additionally, Synapse Analytics offers Doxter, a solution that automates the extraction and processing of documents, thus optimizing data management practices.
COO Galal El Beshbishy emphasizes the seamless integration of their AI technology with existing systems, which allows financial entities to swiftly implement AI features while upholding stringent risk management standards.
The company is poised to redefine financial decision-making and spearhead innovation within this vital industry. The fresh capital injection will accelerate Synapse Analytics’ expansion efforts, enhancing its footprint and influence in the market.
Synapse Analytics has already established strategic alliances with prominent banking product providers such as Amazon Web Services (AWS) and Crealogix. With the AI industry in Egypt expected to hit $877.30 million by 2024, the startup is strategically positioned to tap into this rapidly growing market.
