Cinchy Data Fabric Platform Raises $10M to Support Growing Demand for Data Fabric Technology
May 26, 2020
TORONTO - May 26, 2020 - Cinchy, the Data Collaboration company, secured $10M in Series A financing, led by Information Venture Partners (IVP) with additional funds coming from BDC, ScaleUp Ventures, Techstars, and Manulife Investment Management. Raising capital in a tough post-pandemic market signals incredibly strong validation from customers and investors.
“COVID is a once-in-a-century event that requires businesses everywhere to accelerate digital transformation while simultaneously reducing spending,” says Dan DeMers, Cinchy Co-Founder and CEO. “Companies are quick to adopt Cinchy once they realize their competitors are doubling the productivity of their existing IT workforce simply by using our Data Fabric as the foundation for new systems development.”
Cinchy’s Data Fabric frees individual applications from the complexities of managing and connecting data, similar to how buildings offload the complexity of generating electricity to the power grid.
“We were impressed by how we could leverage Cinchy’s Data Fabric to immediately address the challenges of distributing a COVID-19 relief program to credit union members,” says Ryan Graham, Chief Banking Officer of Concentra Bank. “The team moved quickly from concept to live production in just one week.”
To help meet growing demand, Cinchy is actively expanding its partner ecosystem. “As a partner, Capco is well-positioned to help our financial services customers optimize and accelerate their inevitable adoption of the data-as-a-network approach that is being pioneered by Cinchy” says Mike Lee, Executive Director at Capco.
“The dramatic IT acceleration, data autonomy, and cost savings experienced by our customers and partners are proving that industry analysts were right,” says Karanjot Jaswal, Cinchy Co-Founder and CTO. “Data Fabric technology is more than just the hottest trend - it is the beginning of a revolution. We share a radical vision with our customers; that integration should be, can be, and will be zero-effort.”
“We’re thrilled to invest in an organization uniquely positioned to help customers during these challenging times," said David Unsworth, General Partner at Information Venture Partners. "Cinchy is already a proven platform that is adopted by some of the largest financial institutions in the world to deliver complex enterprise projects while saving half the time and cost.”
“Cinchy is evolving how firms are managing and protecting their data,” says Rob Scully, Director of Venture Capital, Manulife Investment Management. “By using a Data Fabric, organizations can respond to the immediate impact of COVID-19 while establishing a new foundation that readies them for the connected data revolution. This isn’t theoretical, it’s already being used to drive massive benefits.”
Integration is obsolete. Cinchy, the world’s first Autonomous Data Fabric, is leading the world into the connected data revolution. By managing data as a network, Cinchy replaces the insecure and inefficient 40-year old approach of integrating applications using ETLs and APIs. Global banks, telcos, public sector agencies, and healthcare providers use Cinchy to take control of their data, cut IT delivery cost in half, and unlock data network effects to continuously accelerate digital transformation. Cinchy was voted best-of-show at Finovate NY, won top pick at TechCrunch Disrupt SF, voted “best solution for improving operations” by Bank Director, and featured in numerous industry analyst reports from Gartner and Forrester, including Gartner’s “Cool Vendors in Data Management” publication in May 2020. Learn more at Cinchy.com and follow us on LinkedIn.