Cyndx Competitive Analysis

Part
01
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Part
01

Cyndx Overview

We were able to find nearly all of the requested information about Cyndx. All of our research findings are included in the attached spreadsheet.

Cyndx

Overview

  • Cyndx is a fintech company powered by artificial intelligence.
  • The overarching goal of the Cyndx platform is to simplify the discovery of "business opportunities that would otherwise be missed."
  • With Cyndx's solutions, companies can "access comprehensive, algorithmically-curated investor information and strategic recommendations to enhance their capital raising and M&A efforts."
  • Cyndx was recently described in an article published by PR Newswire as "the world's most comprehensive investment search platform."
  • The Cyndx platform runs on algorithms involving natural language processing, deep learning, and artificial intelligence.
  • The resulting solutions make it easier and more efficient for companies to identify acquisition opportunities, find investments, or even manage capitalization tables.

History

  • Cyndx was established in October 2013 by Jim McVeigh.
  • The company was presumably founded in New York, New York, per its profile on Built In NYC and listings of its headquarters location as New York, New York.
  • To date, approximately $1 billion worth of transactions have been facilitated by Cyndx.
  • On June 12, 2018, Cyndx announced that it received an investment from Rakuten Capital, though the amount was not disclosed.
  • On September 16, 2019, a press release was issued announcing a partnership between Cyndx and Argyle Group.
  • Through the partnership, Argyle members get to access the Cyndx platform for a reduced price and they also have an option "to receive Cyndx Insights — a daily window to the business world, focusing primarily on M&A activities, capital markets, and important technology trends. "
  • The partnership helps both Cyndx and Argyle by enabling the companies to increase the reach of their offerings and bolster their strengths as organizations.
  • We didn't find any information about when Cyndx's first product was launched. Also, there doesn't appear to have been any change in Cyndx's senior leadership team.
  • Though we didn't find any completed acquisitions involving Cyndx, we did find that Cyndx was extremely close to acquiring a company called Ning back in 2016.

Products

  • Cyndx Finder is the artificial-intelligence-powered product that enables users to search for and identify private companies worldwide.
  • Through its database of more than 7.8 million entities, users can identify opportunities for acquisitions and investments.
  • Cyndx Raiser is the product that enables users to find suitable strategic and financial investors for their needs.
  • In a matter of seconds, "millions of transactions" are analyzed by Cyndx Raiser in order to identify suitable investors.
  • Cyndx Owner is the product that helps company leaders manage capitalization tables for their companies or their portfolio companies.
  • With Cyndx Owner, users can "be prepared to assess funding term sheets in seconds."

Funding

  • Cyndx appears to have received over $10.5 million in funding.
  • According to Crunchbase, the company has received $10.5 million in funding.
  • However, we also found a press release from June 12, 2018, announcing that Cyndx received an investment from Rakuten Capital, though the amount was not disclosed.
  • That June 2018 investment was not included in the $10.5 million reported by Crunchbase because the latest funding round reported by Crunchbase occurred in 2017.
  • For these reasons, we believe Cyndx has received over $10.5 million in funding to date.

Claims

  • According to Cyndx's CEO, Jim McVeigh, twice the number of private companies are tracked by Cyndx compared to other platforms.
  • The number of transactions that the Cyndx platform analyzes is 1.4 million.
  • The number of companies that can be searched through the Cyndx platform exceeds 7.8 million.
  • The company claims that its Cyndx Raiser product "analyzes millions of transactions to identify the precise targets in seconds."
  • Cyndx also claims that the number of family offices targeted through Cyndx Raiser totals 4,000 and the number of global investors targeted exceeds 150,000.
  • The company claims that its Cyndx Owner product enables users "to assess funding term sheets in seconds."

Team

  • Mike Ballou is the Chief Financial Officer of Cyndx.

Research Strategy

We began our research by reviewing Cyndx's website in order to learn about the company and its products. Through that site, we were able to find the requested information about the company's products, claims, and its leadership team. Throughout our research, we didn't find any information pertaining to a change in senior leadership within the company. After compiling that information from the website, we then turned to the company-database source Crunchbase, which provided us with data about funding Cyndx has received. The information we found about the company's history came primarily through articles in which the company was featured. Those articles were published by two sources with similar names: PR Newswire and Newswire. The information that we collected through this research process provided us with nearly all of the requested data about Cyndx.

The only data point we didn't find any information about was when Cyndx launched its first product. We looked for that information by using three research methods. First, we reviewed articles that discussed the company's history published by sources such as PR Newswire. The only related information we found in those articles was the date the company was founded. Second, we reviewed company database sites to try to find that information. The sites we reviewed included Bloomberg and Crunchbase. In those sources too, the only information we found was the date the company was founded. For our third research method, we reviewed the information provided on Cyndx's website, including the "About" section, to see if there was any mention of when the first product was launched. However, we didn't find any relevant information through the website either.
Part
02
of six
Part
02

Cyndx Competitors

Nine companies that we categorized as competitors to Cyndx are (1) The Growth Stage, (2) InvestorIntelligence, (3) DarcMatter, (4) In4Capital, (5) Helio by CircleUp, (6) VestAura, (7) Valuer, (8) Carta, and (9) Equityfor. All the requested information about these competitors is both included in the attached spreadsheet and summarized below.

Cyndx Competitors

1. The Growth Stage

  • This link is to the company's website.
  • Why It's a Competitor to Cyndx: The goal of the Growth Stage "platform is to make it easier for institutions to identify and connect with growth stage investment targets, while also helping companies to set out their stalls in front of a class of investor that has traditionally been largely out of reach." Similarly, Cyndx helps institutional investors identify growth-stage companies to invest in.
  • The platform connects private companies that are looking for investments from institutional investors.
  • The platform is only open to members and is focused on simplifying the capital-raising process for private companies.

2. InvestorIntelligence

  • This link is to the company's website.
  • Why It's a Competitor to Cyndx: InvestorIntelligence is a "tool to research, reach and manage investors across the entire fundraising process." Cyndx also helps companies identify and contact investors for fundraising purposes.
  • Through the platform, users can browse through more than 100,000 family offices, venture capital firms, and angel investors.
  • The platform also includes a deal database that can be filtered by specific categories, such as deal size, location, and industry, to narrow down results to identify the best matches.
  • Companies can also contact investors directly through the platform.

3. DarcMatter

  • This link is to the company's website.
  • Why It's a Competitor to Cyndx: "The DarcMatter platform is designed to provide investors with a more transparent and efficient process to access quality alternative investment opportunities." Similarly, Cyndx identifies investment opportunities for investors in an efficient, streamlined manner.
  • DarcMatter is a global fintech platform focused on the alternative-investment space.
  • The company is focused on simplifying the private-capital sourcing process for institutional investors.

4. In4Capital

  • This link is to the company's website.
  • Why It's a Competitor to Cyndx: In4Capital is "[a] global professional network bringing together startups, entrepreneurs, service providers and investors by making use of smart algorithms and AI technologies." Cyndx also uses AI and algorithms to connect companies and investors.
  • The company describes its platform as one focused on competition analysis and fundraising intelligence.
  • The platform uses machine learning to facilitate and simplify the process of companies searching for investors.

5. Helio by CircleUp

  • This link is to the company's website.
  • Why It's a Competitor to Cyndx: Helio by CircleUp is a competitor to Cyndx because of its intelligent company-identification process focused on private-market companies. Helio's unique focus is on the retail and consumer sectors, but we believe it's a competitor to Cyndx nonetheless due to its natural language processing/advanced-tech-enabled company matching and tracking capabilities, which very closely mirrors those of Cyndx. The company stated that part of its mission is to create a "centralized source of performance data on companies in the private markets" which is what Cyndx uniquely does too.
  • Furthermore, Helio states that the number of companies tracked through its platform amounts to 1.4 million, which is comparable to the 1.4 million transactions and millions of companies that Cyndx tracks.

6. VestAura

  • This link is to the company's website.
  • Why It's a Competitor to Cyndx: VestAura is a competitor to Cyndx because it uses algorithms to match investors with companies. The company states that its algorithm-based platform streamlines the investor and investment search process, thereby reducing the cost and time traditionally associated with the investor and investment search process. Similarly, the Cyndx platform is focused on enabling an efficient, time-saving investor and investment search process.
  • Furthermore, the VestAura platform also enables companies to connect with investors that they match with.

7. Valuer

  • This link is to the company's website.
  • Why It's a Competitor to Cyndx: Valuer's product consists of four key components, all of which directly align with Cyndx's products. First, it uses data to identify (for investors) startups that have the greatest chance of succeeding. Second, it "creates a live curated list for potential cooperation, partnerships, and investment."
  • Third, it "locates the best startups in . . . [an investor's] location, by sector for early stage growth."
  • Fourth, it "increases the visibility and helps with the vetting process of new potential investments." All of those aspects of Valuer's product directly align with Cyndx's products.

8. Carta

  • This link is to the company's website.
  • Why It's a Competitor to Cyndx: Carta describes itself as "the leader in cap table management software" and one of Cyndx's three products (Cyndx Owner) is dedicated to cap table management.
  • Cap tables managed through Carta are automatically updated from each transaction, thereby eliminating the need for any manual changes.
  • Carta also helps users create cap tables and allows equity reports to be generated.

9. Equityfor

  • This link is to the company's website.
  • Why It's a Competitor to Cyndx: Equityfor provides "AI powered curation technology for institutional deal flow focused on venture and growth stage companies and as a white label solution for investment banks, sponsors and funds." Equityfor further states that its "proprietary database and advanced segmentation algorithms . . . successfully and confidentially forge[] unique relationships and get[] deals done faster." The company also states that its platform offers "[r]eal-time engagement with investors, acquirers and lenders."
  • Similarly, Cyndx provides an algorithm-enabled database to match institutional investors with investment opportunities.

Research Strategy

In order to identify nine companies that are competitors to Cyndx, we first needed to identify Cyndx's core business areas. By identifying those core business areas, we were then able to find companies that are focused on the same or similar areas through their products/services. Cyndx's three core business areas are company search, investor search, and capitalization (cap) table management. We determined those as the company's core business areas because each represents one of Cyndx's three products. The first product, Cyndx Finder, involves intelligent company search. The second product, Cyndx Raiser, involves intelligent investor search. The third product, Cyndx Owner, involves cap table management.

After identifying Cyndx's core business areas, we then turned our efforts to finding companies that are offering the same or similar products/services that Cyndx is. Before discussing how we went about that, we wanted to mention that our research found that Cyndx appears to be operating in a very niche area through its unique combination of three product offerings. We conducted really thorough research and we actually didn't find a single company that offers the same or very similar combination of products in all those areas (company search, investor search, and cap table management). Nonetheless, we certainly still identified competitors to Cyndx that operate in one or more of the same or very similar areas that Cyndx does, which is why we categorized them as competitors, per the reasons provided above for each. We identified the competitors provided above by conducting wide-ranging searches for companies focused on the same or similar areas that Cyndx's products center around. In so doing, we reviewed articles published by sources such as Forbes and TechCrunch, plus company-listing sites such as Craft and G2Crowd. Each competitor that we included is focused on one or more of the core areas that Cyndx focuses on, as is explained in the reasons provided above about why each company is a competitor.

Part
03
of six
Part
03

Competitors 1

All the requested information about the competitors (The Growth Stage, Investor Intelligence, and DarcMatter) is included in the attached spreadsheet.

Cyndx Competitors

Competitor 1: The Growth Stage

1. History

  • The platform launched on October 15, 2018.
  • The company claims that its platform is the first in the world through which private companies in growth stage are able "to raise investment capital from regulated institutional investors."
  • We didn't find any information about acquisitions involving The Growth Stage, likely because it's such a new company.
  • We didn't find any mention of or information about a leadership change within the company, as all three members of the leadership team (Simon Stewart, Sam Bygott-Webb, and Simon Acton) have held their positions with the company since the company's launch year (2018).

2. Products

  • The Growth Stage offers two products: (1) The Growth Stage platform and (2) PriValu.
  • The Growth Stage platform is described, in the company's own words, as "a membership only exchange, exclusively for institutional investors, providing access and capital to private companies globally, supported by leading professional advisers."
  • PriValu is a tool that enables institutional investors to accurately value private investments in a less expensive and more time-efficient manner.

3. Funding

  • We didn't find any information about whether The Growth Stage has received funding.

4. Claims

  • The Growth Stage "provides access to $5 [trillion] of assets under management."
  • The company claims that its participating institutional investors typically invest around "5% of their assets in [p]rivate [c]ompanies."
  • The Growth Stage claims that "[t]he private companies that . . . [it] bring[s] to investors typically require at least $10 million in funding."

5. Team

  • Simon Stewart is the company's CEO.
  • Sam Bygott-Webb is the company's President.
  • Simon Acton is a Director at the company.

Competitor 2: Investor Intelligence

  • Investor Intelligence describes itself on its website as both "[a]n Epic Ai Company" and "an Epic.Ai product." For that reason, some information provided below pertains to Epic AI.

1. History

  • Investor Intelligence was started in New York, New York in 2019. Epic AI was founded in 2014 in New York, New York.
  • Investor Intelligence launched in 2019.
  • We didn't find any news about acquisitions involving Investor Intelligence or Epic AI.
  • We didn't find any information about changes in senior leadership, which is likely due to the facts that (1) Investor Intelligence's and Epic AI's co-founder (Tomer Dicturel) remains the CEO of Epic AI, (2) there appear to be very few people on staff, and (3) other listed team members don't have senior-level titles.

2. Products

  • Investor Intelligence/Epic AI offers one comprehensive product, which is the Investor Intelligence platform.
  • The solutions provided through the Investor Intelligence platform encompass raising capital, cap tables, revenue-based financing, investor updates, and document sharing.

3. Funding

  • We didn't find any information about whether Investor Intelligence or Epic AI has received funding.

4. Claims

  • With Investor Intelligence, users can browse more than 100,000 family offices, venture capital funds, and angel investors.
  • As of March 2019, "the Investor Intelligence team has helped raise over $100 million in capital."
  • Investor Intelligence claims that it is "[t]rusted by 15,000+ successful companies & investors."

5. Team

Competitor 3: DarcMatter

1. History

  • DarcMatter was founded in 2014 in New York.
  • According to DarcMatter, its fifth birthday as a company occurred on November 5, 2019. Thus, it's possible that the product might have launched on November 5, 2014.
  • We didn't find any information about acquisitions involving the company.
  • There haven't been any senior leadership changes at DarcMatter, as all three of the co-founders have been with the company since its inception.
  • In February 2019, DarcMatter announced a new partnership that it entered into with Hana Financial Group.

2. Products

3. Funding

  • DarcMatter received $2 million in funding from trade.io in 2018.
  • According to AngelList, DarcMatter has received funding from six investors, though the amounts of those investments were not specified.

4. Claims

  • DarcMatter has $6.5 billion in assets under management.
  • DarcMatter claims that the average investor using its platform is interested in making a $1.2 million investment.
  • DarcMatter claims that it has 1,500 limited partners and 160 general partners spanning 24 countries who use its platform.

5. Team

Research Strategy

The only data point we didn't find any information about for any of the competitors was acquisitions involving the companies. The other data points we couldn't find were whether The Growth Stage or Investor Intelligence/Epic AI have received funding and, if so, how much. We looked for all the aforementioned information by using three different research approaches. First, we reviewed articles published about the companies from sources such as Published PR and PR Newswire, but the information we were looking for wasn't provided therein. Second, we checked company databases which often publish that information about companies. The databases we reviewed were Pitchbook and Crunchbase. Third, we looked through articles and other information (such as blog posts/press releases) published on the companies' websites to see if any announcements about those topics were mentioned. However, we didn't find any of that information through the companies' websites either.

With regard to the substantial information we were able to find about these competitors, the sources we utilized in compiling that information were the companies' websites, Linkedin pages, databases such as Crunchbase and Pitchbook, plus articles published about the companies in sources such as PR Newswire.
Part
04
of six
Part
04

Competitors 2

All the available, requested information about Cyndx's competitors (In4Capital, CircleUp/Helio, and VestAura) is both included in the attached spreadsheet and summarized below.

Cyndx Competitors

Competitor 1: In4Capital

1. History

  • In4Capital was started in 2015 in London, England. According to Crunchbase, In4Capital's specific founding date was November 15, 2015.
  • Though we couldn't find when the platform launched, the company's first tweet was from October 2017, which might indicate around when it launched.
  • We didn't find any information about acquisitions involving the company.
  • The company's COO & Director, Petros Economou, joined the team in September 2017.
  • The company's CTO, Nikos Sakellariou, started with the company in April 2017 as an Investor Data Analyst and became CTO in June 2019.

2. Products

  • In4Capital's one comprehensive product is the In4Capital platform, though three different subscription levels are offered.
  • The product uses algorithms to match companies with suitable investors.
  • The first subscription level, Active, is free and allows for project submission, project review, and viewing suitable investors, but doesn't provide for communication between companies and investors.
  • The second subscription level, Pitchsend, provides full access to the platform for three months and allows for communication with investors.
  • The third subscription level, Pro, includes all the same features as Pitchsend, plus add-ons such as 24/7 support.

3. Funding

  • We didn't find any information about whether the company has received funding.

4. Claims

  • In4Capital states that it can connect companies with a network of over 12,000 investors.
  • The company claims that 40% of its investors are from the U.S., 40% are from the European Union, and 20% are from Great Britain.
  • The company states that its platform allows deals to be presented 24/7 worldwide.

5. Team

Competitor 2: CircleUp

1. History

  • CircleUp, the creator of Helio, was started in 2012.
  • The origins of Helio appear to date back to around 2012, as the company's founder explained in 2017 that the construction of Helio "began several years ago."
  • The launch of Helio was announced on February 23, 2017.
  • We didn't find any information about acquisitions involving the company.
  • Neil Constable recently joined CircleUp's senior leadership team as Chief Investment Officer in July 2019.
  • Emma Stubbs has worked at CircleUp since 2015, but just recently became the COO in October 2019. Prior to assuming that role, she was the Vice President of Strategy from January-October 2019.

2. Products

  • The CircleUp product we focused our research on is Helio.
  • Helio is described by CircleUp as a "machine learning platform that identifies, classifies, and evaluates early-stage consumer and retail companies to shine a light on breakout brands."

3. Funding

  • The total funding raised for CircleUp (the company that created Helio) is $253 million.

4. Claims

  • Helio tracks 1.4 million companies throughout North America.
  • Helio claims to track nearly 100% of retail and consumer companies in North America.
  • Helio has "a multi-level industry classification system with over 100 categories" across the retail and consumer sectors.

5. Team

Competitor 3: VestAura

1. History

  • The U.K. consultancy Investaura, Ltd. created and owns VestAura.
  • VestAura was founded in 2016 in Cambridge, Great Britain.
  • We didn't find any information about when the product launched, other than the year in which the company was founded (2016).
  • We didn't find any information about acquisitions involving the company.
  • We didn't find any information about senior leadership changes within the company, as it appears both individuals originally affiliated with VestAura still work for the same company (Investaura) that created and own it.

2. Products

  • VestAura's one comprehensive product is the VestAura platform.
  • The VestAura platform simplifies the search process for companies identifying investors and investors seeking investment opportunities.

3. Funding

  • We didn't find any information about whether the company has received funding.

4. Claims

  • VestAura doesn't provide quantitative key performance indicators (KPIs), which is why the three KPIs we provided below are qualitative.
  • The company states that its platform significantly lowers investment transaction costs.
  • VestAura states that its platform saves time for investors and companies seeking investment through its algorithmic matching.
  • The company claims that its platform provides "unrestricted access to all markets and business segments, regardless of the investment volume."

5. Team

Research Strategy

The only data point we didn't find any information about for any of the competitors was acquisitions involving the companies. The other data points we couldn't find were the product launch dates and funding (if any) for both In4Capital and VestAura. We looked for all the aforementioned information by using three different research approaches. First, we looked for articles published about the companies to see if any mentioned the information we were looking for. However, we didn’t find any relevant articles about either company, which is why we didn't provide examples of the sources that published those articles. Second, we checked company databases which often publish that information about companies. The databases we reviewed were Pitchbook and Crunchbase. VestAura wasn’t listed in any database and though In4Capital was listed in Crunchbase, no funding data was provided for the company.

Third, we looked through articles/other information (such as blog posts) published on the companies' websites to see if any announcements about those topics were mentioned. However, we didn't find any of that information through the companies' websites either. With regard to the substantial information we were able to find, the vast majority of that information came directly from the companies’ websites and Linkedin pages. Some other information came from Crunchbase.
Part
05
of six
Part
05

Competitors 3

All the requested information that we were able to find about Cyndx's competitors (Valuer, Carta, and Equityfor) is both included in the attached spreadsheet and summarized below.

Cyndx Competitors

Competitor 1: Valuer

1. History

  • The original idea for creating Valuer got started in 2011 in Denmark.
  • The Valuer product was launched in 2017.
  • We didn't find any information about acquisitions involving the company.
  • The company's former CMO, Taylor Ryan, just left the company in October 2019.
  • Christian Lawaetz Halvorsen was promoted from Head of Customer Success to Chief Experience Officer in July 2019.

2. Products

  • Valuer's one product is its Valuer platform, named after the company itself.
  • The Valuer platform uses data to identify startups with strong potential for investors and helps companies seeking funding find investors.

3. Funding

4. Claims

  • The company claims that its platform scours over three million data points in matching companies and investors.
  • The company states that it has facilitated over 650 matches through its platform.
  • Valuer harnesses the knowledge of over 5,000 technology scouts across the globe.
  • Valuer claims that it has curated over 18,000 startups and that over 65 startups are added to the platform each day.

5. Team

Competitor 2: Carta

1. History

2. Products

  • Carta offers a variety of equity solutions through different plans via the Carta platform. The Carta product/plan that we focused our research on is cap table management.
  • Carta's cap table management product provides automated cap table updates, report generation, and funding-round analytics.

3. Funding

4. Claims

  • The company states that its cap table management platform is "[t]rusted by over 12,000 private companies."
  • The company claims that the Carta cap table management product saves companies money and time with regard to obtaining 409A valuations.
  • Carta states that its cap table management product allows ASC 718 reports to be generated on-demand.

5. Team

Competitor 3: Equityfor

1. History

  • Equityfor was founded in 2017 in New York, New York.
  • The platform launched in 2017.
  • Saxon Weber Group (international investment bank) is the company backing Equityfor.
  • We didn't find any information about acquisitions involving the company.
  • We didn't find any change in the company's senior leadership team.

2. Products

3. Funding

  • We didn't find any information about whether the company has received funding.

4. Claims

  • Equityfor claims to be "[t]he only venture and growth stage adaptive platform that supercharges the deal transaction process."
  • The company claims that the number of accredited investors that users can access through its platform totals 55,000.
  • Equityfor claims that the number of institutional investors that users can access through its platform totals 24,000.

5. Team

Research Strategy

The only data points we didn’t find information about for these competitors were acquisitions involving Valuer, acquisitions involving Equityfor, and whether Equityfor has received any funding. We looked for all that information by using three different research approaches. First, we looked for articles published about the companies to see if any mentioned the information we were looking for. Examples of articles we reviewed were published by sources such as Global Newswire and TechCrunch. The articles that we found discussed the companies' offerings and other general company-overview information, but didn’t mention the specific information we were looking for. Second, we checked company databases which often publish that information about companies. The databases we reviewed were Pitchbook and Crunchbase. Though there was information about those companies such as office location, leaders, and technologies used, no information was provided about the data points we were looking for.

Third, we looked through articles/other information (such as blog posts) published on the companies' websites to see if any announcements about those topics were mentioned. However, we didn't find any of that information through the companies' websites either. With regard to the substantial information we were able to find, that information was compiled from the companies’ websites, Linkedin pages, company databases, and articles published by sources such as TechCrunch.
Part
06
of six
Part
06

Cyndx Competitive Analysis Presentation

A competitive analysis has been performed for the nine competitors of Cyndx.
  • The complete project has been combined for ease of viewing.
  • They may be viewed in this spreadsheet.
  • They have also been compiled into a Slides project.
Sources
Sources

From Part 05