Cybersyn raises $63m in Series A round for data-as-a-service offering
New York-based data-as-a-service company Cybersyn has raked in $62.9 million in a Series A funding round and has come out from stealth for launching its data-as-a-service (DaaS) offering.
Cybersyn was founded in 2022. It is led by Alex Izydorczyk, who is said to bring an extensive understanding of data systems gained from his previous position as director of the department for data sciences at Coatue, an investment firm.
According to Cybersyn, there are a lot of datasets available that could determine the gap between successes and failures for companies. However, the datasets are impossible to be used in their current formats.
The data that is available today is complex and opaque, said Cybersyn, while adding that they are also stagnant and difficult to access. They’re often priced arbitrarily and require considerable engineering efforts to manage. Similarly to that, governments release huge amounts of information, but they do so slowly and with agencies that use outdated formats.
Cybersyn overcomes these issues by combining worldwide public and private economic data to produce commercially relevant data sets that can help decision-makers in both businesses and government.
Cybersyn raises $63m in Series A round for data-as-a-service offering. Image courtesy of Tayeb MEZAHDIA from Pixabay.
Alex Izydorczyk — Cybersyn CEO and founder said: “There is a wealth of data that goes unused because the individuals with the technical expertise to analyze it are often not the same individuals who have the business acumen to apply it effectively. We’re focused on bridging that gap.”
The Series A round was led by data cloud company Snowflake. Coatue along with Sequoia Capital also took part in the financing round, which will allow Cybersyn to increase its staff and obtain more of its proprietary information to produce products that will be useful for policy decisions, market intelligence, and investment.
Christian Kleinerman — Snowflake Senior Vice President of Product said: “Cybersyn is on a mission to revolutionize market intelligence and is well positioned to tackle this challenge with its data science expertise.
“At Snowflake, we believe in the power of data to transform business outcomes. Our partnership with Cybersyn will enable us to deliver even more valuable content to our customers on Snowflake Marketplace.”