Cybersyn – a data-as-a-service company – announced it has raised $62.9 million in Series A funding and emerged from stealth to launch its data-as-a-service (DaaS) offering. The company is led by Alex Izydorczyk, an entrepreneur who brings deep knowledge of data systems from his previous role as head of data science at investment firm Coatue.
There has been an abundant number of available datasets that could make the difference between economic success and failure for businesses. However, they are practically unusable in their current forms and those proprietary datasets are complex, stagnant, and difficult to find. Plus they are often arbitrarily priced and require significant engineering effort to manage. Governments also publish reams of data with many agencies still using antiquated formats.
Cybersyn handles these challenges by combining the world’s public and proprietary economic data to create commercially relevant datasets that are useful for decision-makers across businesses and governments.
Data Cloud giant Snowflake led the Series A round, with participation from Coatue and Sequoia Capital. And this funding round will enable Cybersyn to grow the team and acquire more proprietary data to create derived products that are useful for market intelligence, investment, and policy decisions. In conjunction with the funding round, Mike Scarpelli, Chief Financial Officer of Snowflake, Christian Kleinerman, Senior Vice President of Product at Snowflake, and Thomas Laffont, Co-founder and Senior Managing Director of Coatue, have all joined Cybersyn’s board of directors.
KEY QUOTES:
“Cybersyn is an investment in people. There is a wealth of data that goes unused because the individuals with the technical expertise to analyze it are often not the same individuals who have the business acumen to apply it effectively. We’re focused on bridging that gap.”
– Alex Izydorczyk, CEO & founder of Cybersyn
“Cybersyn is on a mission to revolutionize market intelligence and is well-positioned to tackle this challenge with its data science expertise. At Snowflake, we believe in the power of data to transform business outcomes. Our partnership with Cybersyn will enable us to deliver even more valuable content to our customers on Snowflake Marketplace.”
– Christian Kleinerman, Senior Vice President of Product at Snowflake
“Our digital economy generates massive amounts of data, but we are only leveraging a fraction of this data to improve decision-making. As someone who has seen Alex’s ability to synthesize complex data firsthand, I believe he understands this untapped resource well and has a compelling vision for harnessing it. I’m confident that under his leadership, Cybersyn has the power and potential to deliver a paradigm shift in the way we operationalize the world’s data.”
– Thomas Laffont, Co-founder and Senior Managing Director of Coatue
“Between inflation and market uncertainty, understanding the economy in real-time is a competitive advantage that cannot be achieved with internal data alone. Cybersyn’s unique combination of public and proprietary datasets will enable companies and government agencies to make decisions faster and with more precise information.”
– Mike Vernal, Partner at Sequoia Capital
