Egyptian AI startup Synapse Analytics Raises $2m pre-Series A Round

Synapse Analytics an Egyptian AI tech startup, completed a pre-series A funding round of $2 million.

Egypt Ventures led the project, Amr Awadallah and Simon Rowlands, Africa Platforms founder, participated, as did existing investors.

Synapse Analytics was founded in 2018 by Galal ElBeshbishy and Ahmed Abaza. It offers assistance to businesses looking to increase their competitive edge through the use of data and Artificial intelligence.

The use of artificial intelligence is now an integral part most businesses’ operations. However, problems with deployment and maintenance have become a significant obstacle for users. Synapse Analytics, a machine learning operations platform (MLOps), automates businesses looking to adopt machine-learning in their operations. This automation platform, Konan, aims to build trust between AI and users.

It was founded on first-hand knowledge of building and scaling AI algorithms. Synapse analytics has developed and deployed over 100 Algorithms since its inception. These algorithms have been used in over 12 industries such as financial services, logistics, and fast-moving Consumer Goods (FMCGs), as well as serving 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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