Synapse Analytics, an Egyptian AI tech startup, has completed a $2 million pre-series A funding round.
It was led by Egypt Ventures, with participation from Amr Awadallah, as well as Africa Platforms Founder, Simon Rowlands, along with existing investors.
Founded in 2018 by Ahmed Abaza and Galal ElBeshbishy, Synapse Analytics offers help for businesses to build competitive advantage leveraging their data and adopting Artificial intelligence.
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.
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.
“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.
“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.
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