Synalogik raises £3 million to enhance its software solution across different markets
Synalogik, the company whose Scout data automation platform allows organizations to aggregate data, identify risk and create reports, has raised more than £3m in a Series A funding round.
The funding round was led by high-profile investors Bill Currie, founder of retail, ecommerce and tech investment fund, the William Currie Group and Sir Terry Leahy, former CEO of Tesco.
Synalogik will use the capital raised to scale its Scout solution across different markets and territories and to expedite the launch of additional solutions that have been in development over the past 18 months. These solutions will widen the application of its data aggregation, risk identification and decision intelligence capabilities.
The company, whose clients range across gambling, insurance, banking, legal and the public sector include Entain, Betway, Vitality and NatWest, will also invest in its people, research and development with plans to double the size of its engineering team and enhance its dedicated customer support department over the coming months.
Gareth Mussell, CEO at Synalogik, said: “The data landscape is exploding, organizations have unprecedented opportunities to make intelligent decisions based upon the data within their eco-system or immediately available to them. Organizations are struggling to harness these opportunities and often rely on manual processes to aggregate data – this is simply not scalable.
“Scout has been developed to overcome these challenges and it’s great to see that the potential for the business and our growing suite of solutions has been recognised by high profile investors such as Mark Blandford, Bill Currie and Sir Terry Leahy, as well as those individuals who have supported us from the beginning.”
“Closing this Series A funding round allows us to rapidly scale up our capabilities, increase our headcount and bring new and exciting products to market that will allow us to better serve existing and new clients.”
Synalogik was founded in late 2018 by a group of former police officers, barristers and members of the intelligence community who were frustrated by the inefficiency of manually aggregating data from disparate sources.
Synalogik’s solution, Scout, is a unique platform that enables organizations to automate data aggregation from multiple disparate sources, identify risk and report findings in seconds. Scout supports users with regulatory compliance, anti-money laundering and fraud investigation.
“Synalogik displayed real vision in their plans for utilising data aggregation and enabling businesses to get access and assess data more cost-effectively, we believe we are investing in a really exciting company,” said Bill Currie, investor in Synalogik. “The potential number of industries that can benefit from Scout is truly extraordinary with clear cut value for organizations across not just gambling, insurance, financial services, but also retail and marketing, among others. Their focus on being data agnostic, aggregating from the maximum number of sources, means they are able to give unparalleled insight providing a truly 360-degree view.”
Sir Terry Leahy, investor in Synalogik, added: “The threat from money laundering and fraud to public and private organizations is very significant and growing. Businesses are struggling to meet compliance standards and need better solutions like the Scout product from Synalogik which transforms the speed of data aggregation and analysis of risk.”