• Mon. Apr 22nd, 2024

Snowflake leads $62.9M investment in Cybersyn, a data-as-a-service provider

Bynewsmagzines

Apr 12, 2023
Snowflake leads $62.9M investment in Cybersyn, a data-as-a-service provider

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Cybersyn, a New York-based company offering data-as-a-service for enterprises, today emerged from stealth with $62.9 million in Series A funding.

The funding round was led by data cloud provider Snowflake with participation from Coatue Management and Sequoia Capital. Cybersyn, now out of stealth, aims to make public and proprietary economic data more accessible and useful for decision makers across various sectors.

Enterprises are increasingly turning towards data science to drive efficiencies, but this cannot be done solely on the basis of internal data. This is where Cybersyn steps in, providing teams with standardized third-party data to work with. The latest round will help the company to grow its team and data products.

What makes Cybersyn data-as-a-service unique?

While there’s an abundance of external datasets to loop into business models, certain challenges affect their deployment. 

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First, one has to give a lot of effort to find datasets related to a specific domain. Then, if they figure out where to buy the required data, teams have to give in significant engineering efforts to make the information usable. Without engineering, the information remains largely complex, stagnant and opaque — meaning difficult to use. 

Cybersyn, founded in 2022 by Coatue’s former head of data science Alex Izydorczk, solves this challenge with a specific focus on economic data. The company finds and transforms public and proprietary economic data into commercially relevant datasets that are useful for decision-makers across businesses and governments. It helps with market intelligence, investments and policy decisions, among other things.

Izydorczk started working with external data during his stint with Coatue and later transformed the work into a dedicated company providing data assets on the Snowflake marketplace.

“Cybersyn has already launched a series of public data listings, available at no cost on the Snowflake marketplace, focused on distributing government data on consumer spending, inflation, and interest rates in a consistent format. And now, we are launching our e-commerce benchmarks, focused on measuring ad spending and online sales by category,” the founder said in a blog post.

With this round of funding from Snowflake and others, the data as a service company will grow its team of data engineers and researchers in New York and focus on acquiring more proprietary datasets to create derived products for enterprises. 

“In the future, we expect to launch datasets focused on consumer spending in the United States, with a particular focus on digital transactions at greater frequencies and granularity than publicly available. These datasets will help investors, advertisers, and retailers measure their competitors,” Izydorczk noted in the blog post.

Snowflake gets a stronger marketplace offering

The investment, which has come directly from Snowflake’s corporate site and not its venture capital arm, will see company executives Mike Scarpelli and Christian Kleinerman as well as Thomas Laffont, co-founder of Coatue, joining the board of the company.

From the perspective of the data platform major, which already offers multiple sources to enrich data on its marketplace, the investment will help the company provide stronger data financial products to its customer base. 

“Cybersyn is on a mission to revolutionize market intelligence and is well positioned to tackle this challenge with its data science expertise…Our partnership with Cybersyn will enable us to deliver even more valuable content to our customers on Snowflake Marketplace,” Kleinerman said. 

Along with Cybersyn, Snowflake marketplace features financial and economic data products from data-as-a-service companies like Exchange data international, Knoema, Stripe, SimilarWeb, People Data, FactSet and CoreLogic.

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