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

Cybersyn, a New York-based company that provides data-as-a-service (DaaS) for enterprises, today raised $62.9 million in Series A funding from Stealth. Cybersyn aims to make public and proprietary economic data more accessible and useful to decision makers in various sectors.

Enterprises are increasingly turning to data science to drive efficiencies, but this cannot be done solely on the basis of internal data. CyberSyn steps up by providing teams with standardized third-party data to work with.

What makes Cybersyn’s DaaS unique?

While there is an abundance of external datasets to loop into business models, some challenges affect their deployment.

First, it takes a lot of effort to find datasets related to a specific domain. So, if they figure out where to buy the data they need, teams must put significant engineering effort into making the information usable. Without engineering, information remains largely complex, static and opaque – meaning it’s difficult to use.

Founded in 2022 by Alex Izidorczyk, former head of data science at Kotyu, CyberSyn solves this challenge with a special focus on financial data. The company finds and transforms public and proprietary economic data into commercially relevant datasets that are useful to decision-makers in businesses and governments. It helps in market intelligence, investment and policy decisions, among other things.

Izydorczyk began working with external data during his tenure with Coatue and later transitioned the work into a company dedicated to providing data assets to the Snowflake marketplace.

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

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

“In the future, we expect to launch datasets focused on consumer spending in the United States, specifically focusing on digital transactions with greater frequency and granularity than is publicly available. These datasets will help investors, advertisers and retailers measure their competitors,” Izydorczyk said in a blog post. did

Snowflake receives a strong market proposition

The funding round was led by data cloud provider Snowflake with participation from Coteau Management and Sequoia Capital. The investment, which came directly from Snowflake’s corporate site and not its venture capital arm, will see company executives Mike Scarpelli and Christian Kleinerman, as well as Kotu cofounder Thomas Lafont, join Cybersyn’s board.

Given the Snowflake Data Platform, which already provides multiple resources to enrich data in its markets, the investment will help the company deliver stronger financial data products to its customer base.

“Cybersyn is on a mission to revolutionize market intelligence and is well-positioned to meet 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,” said Kleinerman.

Along with Cybersyn, Snowflake Marketplace features financial and economic data products from DaaS companies such as Exchange Data International, Noima, Stripe, SimilarWeb, People Data Labs, FactSet and Corelogic.