By Riley Kaminer
When you think of startups, you most likely think of moving fast and breaking things. But Fort Lauderdale-based founder Alice McLaughlin might urge you to move a little slower – and keep compliance in mind.
In July 2022, McLaughlin, a journalist turned entrepreneur, launched SyncData to help keep companies compliant. The platform aims to make maintaining compliance a bit less daunting for already-busy companies. In particular, SyncData focuses on ISO standards 9001 for general management systems, 27001 for security management systems, and 22000 for food safety management systems. These are some of the world’s best-known quality management standards for companies and organizations of any size.
What’s at stake here? A lot, potentially. Companies can face fines and penalties – not to mention the reputational risk.
“I wanted something that is global, that is scalable,” McLaughlin told Refresh Miami. That is why she started with ISO standards. But it’s also why McLaughlin decided early on that SyncData would leverage blockchain technology.
“Through the blockchain, we can create smart contracts,” McLaughlin said of the advantages of SyncData’s blockchain-based approach. “We also are provided with the traceability of what happened to that contract or process. And the technology itself offers immutability, enabling you to see what happened when, how, and by whom.”
SyncData also leverages artificial intelligence algorithms to automate compliance procedures. “That lets us make compliance faster, easier, and better,” asserted McLaughlin.
The startup’s business model is B2B2C, particularly targeting small and medium-sized enterprises through their platform-as-a-service. According to McLaughlin, SyncData’s system can help these customers cut their compliance costs by more than 80%. This stands in contrast to traditional compliance procedures, which look more like one-off consulting projects that can cost up to $100,000.
“Customers can pick what option they want: we have a do-it-yourself option for $5,000 – one flat fee, no gimmicks,” explained McLaughlin. “Or if you need our help, you can purchase a block of hours.” The company also offers ISO certification and audits.
So far, SyncData has raised $2.5 million from three investors. McLaughlin signaled that the company also has a $3 million seed fundraise in the works. “We’re already generating revenue, and our revenue is going to continue to increase. So we’re looking for the right partner for us, because it’s not just about the money that an investor can bring.” SyncData has a diverse team of 25 people.
Going forward, McLaughlin is excited about continuing to help SMEs. “We love seeing small businesses bloom.” She also shared that the company will be looking to forge partnerships with other companies, with a particular focus on leveraging the data on their platform. “We aim to be a data company, with everything you need in your journey as a startup company.”
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