Egypt’s AI Startup, Synapse Analytics Secures $2M Pre-Series A to Help Businesses Adopt AI

Egypt’s AI Startup, Synapse Analytics Secures $2M Pre-Series A to Help Businesses Adopt AI

Synapse Analytics, an Egyptian AI-technology startup, has secured more than $2 million in a Pre-Series A funding round to accelerate AI adoption for African businesses.

Egypt Ventures led the pre-series A round with participation from its existing investors, Cloudera founder Amr Awadallah and Simon Rowlands of Africa Platforms.

Ahmed Abaza and Galal ElBeshbishy founded Synapse Analytics in 2018. Abaza has over ten years of experience in enterprise IT, industrial automation, and marketing technology, while ElBeshbishy worked in advanced bio-inspired technologies research while in the US. The co-founders combined their years of expertise in the tech industry to create a product that will enable businesses to adopt AI in their day-to-day activities through its diverse product suite. 

Synapse Analytics’ flagship platform, Konan, is also available as software as a service (SaaS), allowing data science teams to assure the smooth deployment and scaling of their AI models. 

According to the startup firm, Konan has existed for more than four years in terms of building, deploying, and expanding AI with local and multinational enterprises, servicing clients and local firms and startups. The organization employs over 50 engineers with backgrounds ranging from PhDs and MScs to industry professionals.

The startup claims to have built and deployed more than 100 algorithms in more than 12 industries, including financial services, logistics, and fast-moving consumer goods, and claims to have given 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 manage their machine learning projects better and ensure the success of their adoption (FMCGs).

“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 of adoption is everything when it comes to the success of AI,” Abaza said.

Ahmed Gomaa, CEO of Egypt Ventures, said, “AI is rapidly disrupting every industry internationally.” We believe the Synapse team has the technology and experience to spearhead this transition in the Middle East and address the most challenging element of AI adoption with their MLOps Platform.”

Synapse Analytics COO Galal El-Beshbishy remarked, “The data scientist is crucial to our design.” Our platform enables data scientists to focus on what they do best: developing cutting-edge ML algorithms. Konan handles the rest of the lifecycle once the model is built. Our objective is to expedite the global deployment of artificial intelligence.”

 

Author

  • Blessed Frank enjoys writing about the African tech startup ecosystem. A burgeoning creative writer and voracious reader, who enjoys the outdoors and making new friends. Connect with him on Twitter @SirBlez.  

Blessed Frank

Blessed Frank enjoys writing about the African tech startup ecosystem. A burgeoning creative writer and voracious reader, who enjoys the outdoors and making new friends. Connect with him on Twitter @SirBlez.  

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The Ouut 2022
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