San Diego-based OmniSync, a company that helps startups connect to valuable resources to help manage their business, has raised a $1 million seed round from investors.
Govtech Fund led the round, joined by General Inception, Longley Capital, Keshif Ventures. Individual investor Richard Lin also participated.
The company was founded by CEO Rupak Doshi and COO Norman Huang. It was the first portfolio company incubated by Launch Factory, which also serves as an investment firm.
“We’re pleased to announce the closing our seed round raising $1 from a combination of institutional VCs and family offices. Getting first institutional VC funding is very hard for most startups, let alone within their first couple of years in business — this is a big win for us all at OmniSync and Launch Factory,” said Rupak Doshi, co-founder and CEO at OmniSync.
Launched in 2020, OmniSync’s mission is to make government grants more accessible for entrepreneurs, small businesses and researchers.
In particular, the company helps with setting up incorporation documents, payroll or human resource services, among other tasks.
Doshi described OmniSync as the “TurboTax” for govt-backed startup grants, enabling them to focus more time on building products.
Its flagship product, called TurboSBIR, helps startups raise non-dilutive funding. To date, it has helped its clients collect over $2.5 million in non-dilutive funding.
Plans to Expand Team
“We went from zero to over 100,000 in ARR in one year, growing at 9% week-over-week in a pandemic,” said Doshi. “As a result of our fundraiser, we’ve also implemented a business model with success-based pricing, as one of the tiers for all startups. Which will serve as a way to give back to the community that has helped us grow thus far.”
This year, the company anticipates doubling its business this year. It plans to use the new funding to grow its leadership team.
Prior to OmniSync, Doshi had no experience in the software sector. He worked as a research scientist at UC San Diego and InhibRx. Huang, a former scientist, also studied at UC San Diego and worked in the fields of antibody research and the early detection of cancer.
“OmniSync is taking a unique approach to modernizing and unifying Federal grants in a way that is not only democratizing access to these funds for non-traditional applicants like startups, but they’re also making the process much more efficient for the governments themselves to quickly access and acquire new technologies from sources that they may be completely unaware of,” said Ron Bouganim, managing partner at Govtech Fund.