Munich, May 17, 2022 – Lyntics, a Munich-based data literacy company, announces today its €3.2 million seed funding round. This round was co-led by Senovo, a VC fund specializing in B2B SaaS, and Ventech, a pan-European VC firm with a deep digital-focus. Lyntics is also backed by renowned business angels, including Guntram Friede, formerly Head of Marketing at Salesforce and MuleSoft.
Data literacy – the ability to not only use data, but to also understand, evaluate and be able to apply the structures behind it – is one of the greatest challenges many modern, data-driven companies are facing today. Lyntics' Data Literacy Platform collects all existing, data-related work results across departments and systems, and extracts, stores and visualizes the relationships, logics and information they contain. This knowledge becomes immediately usable and searchable for all employees.
Co-founders Andreas Kloetzel and Thomas Kerschbaumer were both among the first employees of the process mining decacorn Celonis before founding Processand, a data analytics consulting and implementation company, in 2017. Lyntics was initially developed for internal use in data analytics projects back in 2018. Strong customer interest to use the platform stand-alone has led to the official launch of Lyntics in November 2021.
“In the past, companies could simply rely on a few data and business intelligence specialists,”
explained Andreas Kloetzel, co-founder at Lyntics,
“Today, data-based decisions are critical to the overall success of a company. That's why almost everyone needs to become a data expert to create real business value.”
According to research company Gartner, data literacy will become increasingly critical to driving business value. In its annual survey of chief data officers, a lack of data literacy was ranked as the second-biggest internal roadblock to the success of data analytics projects.
“True data experts are rare. Most companies have great difficulty finding and retaining the right talents – especially since many of them will soon retire,”
commented Thomas Kerschbaumer, co-founder at Lyntics.
“But data literacy is difficult to scale. With Lyntics, we want to change exactly that and make data a real knowledge accessible to all.”
“Data is gold in the 21st century. Today, most of the corporate IT systems consist of hundreds of thousands database tables with cryptic names. And even the top-tier companies in their respective industry possessing all available data cannot leverage it fast and efficiently, which makesanswering seemingly simple questions very complicated for data scientists”,
commented Stephan Wirries, Partner at Ventech,
“That’s where comes Lyntics that we see the great potential in. As a digital-focused pan-European VC, we are delighted to back Lyntics since its early stage of development. And we are deeply convinced that its knowledge graph and workbench will help its clients finding correct answers faster than ever.”
Lucas Behem from Senovo adds:
“By leveraging many years of experience from more than one hundred data analytics projects, the Lyntics team brings the required expertise and a deep understanding of the problems their customers face. We are glad to be able to support Lyntics’ vision of helping enterprises become more data-literate through this funding."
Lyntics primarily targets medium-sized and large corporations and is already working with well-known customers from the telecommunications, automotive, industrial, consumer goods and medical technology sectors. The company will use the new capital to invest in further product development and sales and marketing expansion.