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In this article, we’ll explore how Cybersyn, a data-as-a-service provider, has secured a $62.9 million investment led by Snowflake, and how its unique approach to economic data is changing the game for enterprises and governments.
Key Takeaways:
- Cybersyn simplifies data access for businesses by providing standardized third-party data.
- The company focuses on economic data, transforming complex and disparate datasets into actionable insights.
- Snowflake leads the funding round, enhancing its own data marketplace offerings.
Cybersyn’s Unique Data-as-a-Service Approach
Meet Cybersyn, a New York-based startup that is making waves in the data-as-a-service (DaaS) market.
Founded by Alex Izydorczyk, the former head of data science at Coatue, this company is dedicated to making economic data more accessible and useful for businesses and governments.
Cybersyn’s DaaS platform aims to simplify the process of accessing external data.
By providing standardized third-party data to companies, it’s enabling them to make better-informed decisions.
Moreover, their focus on economic data sets them apart from other DaaS providers, making them a go-to source for information in this niche.
Overcoming Challenges of External Datasets
Dealing with external datasets can be quite a headache for businesses.
First, finding relevant datasets in a specific domain can be challenging and time-consuming.
Next, once the data is found, teams often have to invest significant engineering efforts to make it usable.
Without proper engineering, data can be complicated, stagnant, and hard to decipher.
This is where Cybersyn comes in, providing a solution to these problems.
They find and transform public and proprietary economic data into commercially relevant datasets.
By doing so, they make the data useful for decision-makers in businesses and governments. Ultimately, they help with market intelligence, investments, and policy decisions.
The Role of Snowflake and Other Investors
Recently, Cybersyn secured a $62.9 million investment in a Series A funding round.
Data cloud provider Snowflake took the lead in a funding round, which included contributions from Coatue Management and Sequoia Capital.
This investment is significant as it comes directly from Snowflake’s corporate site, not its venture capital arm.
As a result of this funding round, Snowflake executives Mike Scarpelli and Christian Kleinerman, along with Thomas Laffont, the co-founder of Coatue, will be joining Cybersyn’s board.
The partnership between Snowflake and Cybersyn is expected to benefit both companies greatly.
Snowflake’s data platform, which already offers multiple sources to enrich data on its marketplace, will now have access to stronger financial data products for its customers.
Expanding Data Offerings and Future Plans
With the fresh capital injection, Cybersyn has ambitious plans for the future. They intend to grow their team of data engineers and researchers in New York.
Furthermore, their attention will be directed towards obtaining additional exclusive collections of data to produce new products for companies.
One of their forthcoming initiatives includes the introduction of datasets that concentrate on the expenditure of consumers within the United States.
These datasets will provide greater frequencies and granularity than publicly available data, making them highly valuable for investors, advertisers, and retailers. The ultimate goal is to help these stakeholders measure their competitors effectively.
The partnership with Snowflake will also play a significant role in Cybersyn’s growth. Snowflake’s Marketplace already features financial and economic data products from various DaaS companies, including Exchange Data International, Knoema, Stripe, SimilarWeb, People Data Labs, FactSet, and CoreLogic.
With Cybersyn’s unique economic data offerings, Snowflake’s customers will have access to even more valuable content.
Conclusion
Cybersyn’s unique approach to data-as-a-service and its recent $62.9 million investment led by Snowflake positions the company to revolutionize data accessibility for businesses and governments.
By focusing on economic data and overcoming the common challenges associated with external datasets, Cybersyn is poised to provide valuable insights for decision-makers across various sectors.
The investment also strengthens Snowflake’s data marketplace offerings, making it a win-win situation for both companies.
As Cybersyn continues to expand its data offerings and grow its team, the future looks bright for this innovative startup.
In the coming years, Cybersyn aims to become a leader in the economic data landscape. Their commitment to simplifying data access and providing actionable insights will likely attract more clients and partnerships.
As more businesses and governments recognize the importance of data-driven decision-making, the demand for reliable and accessible data sources will continue to grow.
Cybersyn is well-positioned to meet this demand, providing valuable services to a wide range of industries.
Furthermore, the partnership with Snowflake is a significant milestone for the company. Having the backing of a renowned data cloud provider will only strengthen Cybersyn’s credibility and expand its reach.
Together, Snowflake and Cybersyn can offer even more comprehensive data solutions to businesses, fostering better decision-making and efficiency across various sectors.
