BALTIMORE, MD (July 23, 2014) – The Maryland Department of Business and Economic Development (DBED) has invested $145,000 through the Maryland Venture Fund (MVF) in Synapsify, a text analytics firm in Bethesda that offers a new way for computers to understand and prioritize written content to provide greater insight and recommendations. MVF participated in the $850,000 fundraising round that included ICG Ventures, Middleland Capital, and local technology executives. The State’s investment is part of a multifaceted strategy to support the growth and development of innovative Maryland companies.
“DBED and the Maryland Venture Fund are proud to make this investment in the great team and technology of Synapsify and we are excited to see how the company grows and evolves next,” said Dominick Murray, DBED Secretary. “Entrepreneurs and young, innovative startups are an essential and expanding engine of growth in Maryland’s economy, and we are committed to supporting them as they create the products of the future and the family-supporting jobs of today and tomorrow.”
“Synapsify's central mission is to capture, understand and prioritize the world’s written content," said CEO Stephen Candelmo. “We are excited to have the Maryland Venture Fund join us as part of our overall team. Our investors are an integral part of our current and future success and their investment serves as further validation of our technology and market potential.”
The funding will fuel continued growth and product development, including the launch of Synapsify Core, the company’s first web-based virtual analyst product. Synapsify’s approach is different than other text analytics platforms. Instead of looking for contextual examples of positive, negative or neutral sentiment, Synapsify qualitatively scores and indexes text in terms of relevance, narrative and underlying thematic concepts which enables prioritization and analytical recommendations.
Founded in 2012 and now with nine employees, Synapsify has already turned heads with its cutting-edge, patented and emotionally intelligent analytics technology. Forbes named Synapsify one of the Top 10 Data Startups to Watch in 2013 and the company was also awarded the Structure Award for Text Analytics by Gigaom, an emerging technology news site.
The MVF investment was made with funds raised by InvestMaryland. A public-private partnership between the State and venture capital firms, InvestMaryland raised $84 million to spur growth in small, high-tech Maryland companies. Created by Governor O’Malley and passed by the General Assembly in 2011, InvestMaryland is the largest venture capital investment initiative in Maryland’s history. Two-thirds of the funding – $56 million – is being managed by carefully screened private venture firms that will invest the funds and, if successful, return 100% of the principal and 80% of the profits to the State’s general fund. The remaining third of the InvestMaryland capital is largely allocated to direct investments by the state-run MVF.
ABOUT DBED
The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. For more information, visit
www.ChooseMaryland.org.
