Synthio, formerly known as Social123, closed on a $10.5 million equity round to expand its Customer Data Platform. The Series B round was led by Fulcrum Equity partners, bringing its total funding to $18.5 million. Other participants included current investors Vocap Investment Partners, Spinnaker VC Direct, LLC, Bahns Stanley, Stanley Partners, Ellis Capital, Buckhead Investments, the AIM Group, and Silicon Valley Bank. The round valued the firm at $33.5 million.
Synthio will be dedicating the funds towards platform and product enhancements along with “significantly” expanding their sales, marketing, and customer success teams.
Synthio is perfectly positioned to become the must-have solution for business-to-business enterprise marketers tasked with managing complex and rapidly changing customer data. The new funding allows us to continue investing in our unique ability to synthesize 1st and 3rd party data into the highest quality contact, firmographic, and technographic profiles. Our contact-centric approach to customer data is unique in the market and is an indispensable solution designed to address the major pain points hampering marketers’ productivity and performance.
Synthio CEO Aaron Biddar
Synthio emphasized the need for high quality data to fuel Marketing Automation Platforms and ABM campaigns.
“High quality leads and prospects are the mined gold on which companies spend fortunes and today’s marketers and sales professionals require that this data be in pristine condition,” said Jim Douglas, Partner at Fulcrum.
Synthio has over 200 active subscription customers and made the last two Inc. 5000 lists. According to Inc., the firm posted $2.8 million in revenue in 2015 with a 123% three-year Compound Average Growth Rate. The firm claims to have doubled their revenue in both 2015 and 2016.
Social123 has rebranded as Synthio to emphasize the “synthesis and maintenance of data sources.” The rename denotes a shift from data provision to “empowering users with a Data as a Service platform that automates synthesizing non-standard and free-form data into clean, standardized, and impactful solutions.”
The firm also discussed its SynthCenter platform which supports the following legacy functionality:
SynthClean: Merge datasets; remove duplicates; normalize titles, company names, and phone numbers; and validate email addresses and URLs.
SynchConnect: Connect freemail email addresses to B2B email addresses and personas
SynchTech: Enriches company records with installed technology including back-end platforms.
SynthForce: A Salesforce connector for I-frame display of contact information and news.
SynthCard: A digital business card following SynthSearch
SynthBridge: Integrations with Oracle Marketing Cloud (Eloqua), Marketo, and HubSpot. The Eloqua and Marketo connectors support SynthSearch and SynthAppend. The HubSpot connector enriches leads with contact and firmographic intelligence.
The firm did not discuss whether they license their technology data or gather it directly.
“Our goal is to put the new SynthCenter platform squarely in the middle of a modern marketer’s stack,” said Synthio CEO Aaron Biddar. “As marketing and technology management converge, marketers find themselves with the new responsibility of managing increasingly large and complex datasets. Unfortunately, they are still using tools designed for a simpler, email centric, world. The new SynthCenter platform is designed to address and ease many of these pain points, and comprehensively make contact data more accurate, more standardized, and more ingestible directly into major Marketing Automation Platforms and CRM systems. With SynthCenter, users now have actionable intelligence, not just spreadsheets of contact data.”
Synthio’s database spans 320 million contacts gathered from social and other sources. Emails are validated in real-time. The firm claims a 40% append rate, but that is dependent upon the quality of the customer’s match file.
Services are available on both a subscription and pay as you go model.
Synthio has been growing rapidly. Last year, Social123 ranked #377 on the “Inc. 5000” list with a 123% three-year Compound Average Growth Rate (CAGR) on $2.8 million in 2015 revenue.
Contacts database Social123 rolled out a set of enhancements to their contact enrichment service including more accurate matching, expanded reporting, saved searches, improved security, and additional enrichment fields.
Match rates were improved due to the normalization of company and contact names on input files. Name standardization reduces the number of nicknames, typos, and corporate identifiers (e.g. LLC) prior to match processing. D-U-N-S Number matching is also being offered which allows marketers to upload a list of D-U-N-S numbers and receive a set of targeted contacts at the companies. (D-U-N-S numbers are a proprietary global company numbering system developed and maintained by Dun & Bradstreet. They are the closest schema to a de facto global numbering system for companies and corporate linkages).
Social123 automated their Data Health report with data quality metrics, net-new contact counts, and contact analytics. Amongst the new contact analytics are the top ten titles and the top ten reported skills.
Social123 added twenty-five site location fields including address, phone, SICs, NAICS, revenue, employee count, and geocodes.
To improve security, users are no longer emailed direct file links. Instead, notification emails direct users to a secure application.
Finally, Social123 now offers a firmographic only append. Other services include contact prospecting, data cleansing, and email validation
The Social123 contacts dataset now exceeds 300 million detailed global contacts sourced from the open web and social media.