The business will also be investing in its people, with plans to double the size of its engineering team
Insurtech startup Synalogik has raised more than £3m in a series A funding round led by former Tesco chief executive Sir Terry Leahy and investor Bill Currie, who founded the William Currie Group.
Synalogik will use this funding to scale its data aggregation platform Scout, which aims to combat insurance fraud, as well as accelerate the solutions it has been developing over the past 18 months - this includes widening the application of Synalogik’s data aggregation, risk identification and decision intelligence capabilities.
The insurtech also wants to invest in its people, research and development, with plans to double the size of its engineering team and enhance its dedicated customer support department over the coming months.
Gareth Mussell, Synalogik’s chief executive, said: “It’s great to see that the potential for the business and our growing suite of solutions has been recognised by high profile investors such as Mark Blandford, Currie and Leahy, as well as those individuals who have supported us from the beginning.
“Closing this series A funding round allows us to rapidly scale up our capabilities, increase our headcount and bring new and exciting products to market that will allow us to better serve existing and new clients.”
Data landscape exploding
Synalogik has clients across the insurance, gambling, banking and legal industries, as well as the public sector. Its clientele includes Lexham Insurance, Entain, Betway, Vitality and NatWest.
Synalogik was founded in late 2018 by a group of former police officers, barristers and members of the intelligence community who were frustrated by the inefficiency of manually aggregating data from disparate sources.
Mussell added: “The data landscape is exploding - organisations have unprecedented opportunities to make intelligent decisions based upon the data within their ecosystem or [data that is] immediately available to them.
”Organisations are struggling to harness these opportunities and often rely on manual processes to aggregate data - this is simply not scalable.”
Currie added: “Synalogik displayed real vision in its plans for utilising data aggregation and enabling businesses to get access and assess data more cost effectively. We believe we are investing in a really exciting company.
“The potential number of industries that can benefit from Scout is truly extraordinary, with clear cut value for organisations across not just gambling, insurance [and] financial services, but also retail and marketing, among others.
”Its focus on being data agnostic, aggregating from the maximum number of sources, means [it is] able to give unparalleled insight, providing a truly 360-degree view.”
Leahy said: “The threat from money laundering and fraud to public and private organisations is very significant and growing.
”Businesses are struggling to meet compliance standards and need better solutions - like the Scout product from Synalogik, which transforms the speed of data aggregation and analysis of risk.”
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