Egypt’s Synapse Analytics Secures $2 Million Pre-Series A Round
Synapse Analytics, an AI tech firm in Egypt, has completed its pre-series A investment round. led by Egypt Ventures, with participation from Amr Awadallah, the founder of Cloudera, Simon Rowlands, the founder of Africa Platforms, and current investors. More than $2 million was invested in the round as a whole.
The additional investment will be used to expand Synapse’s operations and speed up efforts to support business AI adoption.
“AI is quickly changing every industry in the world. According to Ahmed Gomaa, CEO of Egypt Ventures, “We think the Synapse team has the know-how and the talent to lead this transition in the Middle East and address the most difficult element of AI adoption with their MLOps Platform.”
A significant barrier for users has emerged as a result of issues with system deployment and maintenance as artificial intelligence has become a crucial component of the majority of company activities.
Through its machine learning operations (MLOps) automation platform, Konan, Synapse Analytics seeks to increase trust between AI and the enterprises attempting to implement machine learning in their operations.
Due to the complexity and variety of roles needed to implement and scale a machine learning project in any business, according to Gartner figures, 87 percent of all machine learning projects fail.
By streamlining and automating the deployment and administration of machine learning models, Synapse’s use-case-focused platform attempts to address this issue head-on.
The business’s platform was developed using first-hand knowledge of creating and scaling AI algorithms. Since its founding, Synapse Analytics has developed and implemented more than 100 algorithms across more than 12 industries, including financial services, logistics, and fast-moving consumer goods (FMCGs), serving both domestic and international clients as well as startups and small enterprises. With experience levels ranging from PhDs and MScs to industry specialists, the company employs more than 50 engineers.
“AI can give any firm an unmatched level of differentiation. Businesses are employing sizable data teams, but sadly, most projects remain in experiment or off-production mode, or if they do, the business rarely trusts them because of the responsibility-diffusion that frequently takes place along the process. According to Ahmed Abaza, CEO of Synapse Analytics, “adoption is everything when it comes to the success of AI.
Galal ElBeshbishy and Ahmed Abaza co-founded the business in 2018. While ElBeshbishy engaged in advanced bio-inspired technologies research while in the US, Abaza has over 10 years of experience in corporate IT, industrial automation, and marketing technology.
The two business owners used their years of experience in the tech sector to develop a solution that is intended to hasten and ease the adoption of AI worldwide.
Through its wide range of products, Synapse Analytics is now assisting organizations in implementing AI. In addition to providing their services, Synapse Analytics also makes its flagship platform, Konan, available as software as a service (SaaS), allowing data science teams to use it to guarantee the smooth deployment and scaling of their AI models.
The result of more than four years of building, deploying, and scaling AI with significant local and international businesses is Konan.
The platform 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.
