Cloud data warehouse giant Snowflake led the round that saw participation from Coatue and Sequoia Capital. According to the New York-based startup, today’s enterprises rely more and more on data science and analytics to improve business decision-making and operational efficiency.
However, Cybersyn, a data-as-a-service startup that aims to provide public and proprietary economic datasets to enterprise decision-makers, believes that companies need more information, not just the internal data they collect, to aid in this process.
That’s where Cybersyn comes in. The company offers standardized third-party datasets that offer market intelligence, investment insights, and policy decisions.
Although external datasets are readily available, companies face challenges in deploying them. Finding datasets related to a specific domain can be time-consuming and effortful. Additionally, once a company knows where to buy the needed data, they usually have to spend considerable time engineering or formatting it to make it usable.
According to Cybersyn, if datasets are not engineered correctly, their information can be overly complex, opaque, and stagnant, making extracting useful insights difficult. Cybersyn’s unique offering addresses these challenges by providing commercially relevant datasets that business decision-makers can immediately use.
The startup scours the internet for public data sources and works with third parties to generate proprietary data. It also offers both free and paid datasets on Snowflake’s marketplace. It is one of the largest markets for third-party datasets, with over 1,800 dataset listings available.
The goal is to help enterprises make decisions faster and more accurately
Cybersyn’s CEO and founder, Alex Izydorczyk, said the startup helps companies that lack the technical skills to transform data into usable information. “We’re focused on bridging that gap,” he said.
Today’s investment is believed to be the first time Snowflake has led a funding round. It’s thus clear that the company is motivated by the opportunity to expand its data marketplace and make it more relevant.
Cybersyn plans to use the funding to grow its team, acquire more proprietary data to create valuable products, and focus on macroeconomic trends.