Synapsify, a startup whose software ranks the most important statements in a body of text, have announced a new £85,000 funding round. This brings Synapsify’s funding to $1.5 million since its founding in 2012. Investors include Standup Capital and the Maryland Department of Business and Economic Development. With the money, Synapsify are rolling out their their Synapsify CORE service, allowing users to access Synapsify’s technology ad hoc online.
Synapsify’s product focuses around being able to automatically recognise what parts of a text are the most significant; a tool which can be vital for time-strapped marketers who only want to be looking at the vital data. The tool is particularly key in the field of sentiment analysis; rather than just gauging who likes a product and who doesn’t, it points marketers to the insights which really matter. “Positive, negative, or neutral [sentiment] only gets them so far and it doesn’t answer the question ‘Why?’” co-founded Stephen Candelmo told VentureBeat.
Synapsify CORE acts as a “virtual analyst”, allowing users to upload spreadsheets from which Synapsify filters the most relevant statements, tweets and text, and presents a report back to the user. The system can also suggest what to focus on when people upload similar datasets in the future, Calermo stated.
The field of text analysis is becoming increasingly crowded, with Clarabridge, Idibon and Luminoso also reporting healthy funding rounds. With five permanent customers at present, the online virtual analyst could be set to open Synapsify up to a whole new client base.