NEW YORK, April 12, 2023 (GLOBE NEWSWIRE) -- Cybersyn, the data-as-a-service company, announced today 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 was founded in 2022 and is led by Alex Izydorczyk, who brings deep knowledge of data systems from his previous role as head of data science at investment firm Coatue.
There’s an abundant number of available datasets that could make the difference between economic success and failure for businesses, but they are practically unusable in their current forms. Today’s proprietary datasets are complex, opaque, stagnant, and difficult to find. They are often arbitrarily priced and require significant engineering effort to manage. Similarly, governments publish reams of data–but sluggishly and with agencies using antiquated formats.
Cybersyn solves those 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.
“Cybersyn is an investment in people,” said Alex Izydorczyk, CEO & founder of Cybersyn. “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.”
Snowflake, the Data Cloud company, led the Series A round, with participation from Coatue and Sequoia Capital. 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. 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.
“Cybersyn is on a mission to revolutionize market intelligence and is well positioned to tackle this challenge with its data science expertise,” Kleinerman said. “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.”
"Our digital economy generates massive amounts of data, but we are only leveraging a fraction of this data to improve decision making,” Laffont said. “As someone who has seen Alex’s ability to synthesize complex data first hand, 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.”
“Between inflation and market uncertainty, understanding the economy in real time is a competitive advantage that cannot be achieved with internal data alone,” said Mike Vernal, Partner at Sequoia Capital. “Cybersyn’s unique combination of public and proprietary datasets will enable companies and government agencies to make decisions faster and with more precise information.”
Availability
Cybersyn’s proprietary and publicly available datasets are currently on Snowflake Marketplace. The company will be releasing additional proprietary datasets soon.
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About
Cybersyn is a data-as-a-service company delivering fast, granular market intelligence datasets. Our mission is to make the world’s economic data transparent to governments, businesses, and entrepreneurs and enable a new generation of decision makers. Founded in 2022, Cybersyn is headquartered in New York, NY and is backed by Coatue, Sequoia Capital and Snowflake.
Media Contact
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Cybersyn@offleashpr.com
