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Monday, May 29, 2023

Snowflake backs data startup Cybersyn with $62.9M in Series A funding round

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Data firm Cybersyn has secured $62.9 million from backers like Sequoia Capital, Snowflake, and Coatue Management.

Former Coatue head of data science Alex Izydorczyk started the York-based Cybersyn company in 2022. The business seeks to sell confidential economic statistics to financiers, authorities, and other business clients.

In order to build data solutions with an emphasis on macroeconomic patterns, Cybersyn wants to use the funding to grow its eight-person staff and obtain additional exclusive data.

Along with leveraging open data sources, the firm is also looking for and collaborating with private data sources, including purchasing aggregated anonymised data from businesses who don’t disclose data.

On Snowflake, it has made available both free and paid datasets, including information on online purchases that might be sold to businesses in a variety of sectors, including as financial services, consumer goods, and medicines.

Users may use the Snowflake Marketplace platform to access third-party data, buy specific datasets, and combine it with data from their own business. There are over 1,800 dataset listings in attendance.

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