Synapsify has received $850,000 in funding. The investors included Standup Capital and the Maryland Department of Business and Economic Development through the Maryland Venture Fund. Based in Bethesda, Maryland, Synapsify is a text analytics and search startup.
BETHESDA, MD, July 23, 2014—Synapsify, Inc., a Bethesda, MD-based startup that qualitatively analyzes written content for insight and recommendations, announced today the launch of its first web-based virtual analyst product, Synapsify Core, to compliment its API product and announced $850,000 of additional funding.
“Synapsify’s central mission is to capture, understand and prioritize the world’s written content,” said Stephen Candelmo, CEO and Co-Founder. “We have discovered that despite the advances of sentiment analytics, the vast majority of insight professionals are still relying on manual reading for actionable insights which is time consuming, inefficient and breaks down at scale.” With Synapsify Core, our users will be able to get to the heart of their customers’ story, in a fraction of the time.”
Synapsify Core leverages SaaS architecture to bridge the gap between human training and software algorithms. Its analytical engine sets the stage for analysts by identifying and prioritizing the content that they need to know. It then empowers users to further refine their results and allow the system to learn from user interaction, thus engaging the human algorithm in a new and innovative way. With Synapsify Core, users will be able to accelerate their deeper understanding combined with easy and customizable summary reporting.
“While the API provided us the ability to deliver our technology to a certain customer base, Synapsify Core allows us to deliver our unique technology wrapped in a complete experience to a significant target market that is struggling with understanding the voice of their customer in a timely and accurate manner.”
Synapsify also announced receiving an additional $850,000 in new investment, bringing the total funding of the company to date to approximately $1.5 million. The funding was a mixture of existing investors as well as several new investors including Standup Capital and the Maryland Department of Business and Economic Development (DBED) through the Maryland Venture Fund. “DBED and the Maryland Venture Fund are proud to make this investment in the great team and technology of Synapsify and we are excited to see how the company grows and evolves next,” said Dominick Murray, DBED Secretary.
The funds will be used for continued growth of its business and product development.
Synapsify, founded in 2012, is an award-winning and venture-backed text analytics and search company that helps organizations prioritize and understand their written content for greater business insight and recommendations. Through its patented and artificially intelligent software, Synapsify empowers its clients to get to the heart of the story, in dramatically less time. Forbes named Synapsify as one of the Top 10 Data Startups to Watch and was awarded the Gigaom Structure Readers Choice Award for Text Analytics. For more information go to: http://www.gosynapsify.com or read the Synapsify blog: http://www.gosynapsify.com/blog/