Synapse Analytics, an Egypt-based artificial intelligence (AI) tech startup, has secured $2 million in a pre-series A funding round, led by Egypt Ventures.
The other investors that participated in the round include Cloudera’s Founder, Amr Awadallah, and Africa Platforms' Founder, Simon Rowlands, alongside other existing investors, according to a press release on Wednesday.
The new funding will help the company to enable businesses to adopt AI and machine learning and expand its operations.
Founded in 2018 by Ahmed Abaza and Galal El-Beshbishy, the startup provides its customers with its platform, Konan, as a software as a service (SaaS), which can be used by data science teams to ensure smooth deployment of their AI models.
The CEO of Synapse Analytics, Ahmed Abaza, said: "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."
Meanwhile, the CEO of Egypt Ventures, Ahmed Gomaa, commented: "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."