Cinchy, a startup that provides a data management service for enterprise customers, today announced that it raised $14.5 million in Series B funding led by Forgepoint Capital with participation from IVP, SUV, Techstars and Mars. Bringing the company’s total raised to $24 million, the capital will be put toward scaling Cinchy’s outreach and continuing to invest in the startup’s core technology, CEO Dan DeMers told TechCrunch in an interview.
“Data management remains an expensive chore, and a proliferation of apps producing an ever-increasing volume of data only adds to the challenge. As a result, rather than being a business driver or competitive advantage, data is more often a drain on IT budgets and a nightmare for compliance teams,” DeMers said. “The Cinchy platform addresses many of the challenges associated with today’s IT environments, specifically those defined by data silos, data copies and complex code.”
DeMers co-founded Cinchy with Karanjot Jaswal in 2017 with the ambitious goal of abstracting away data integration processes. DeMers was previously the director of prime finance and futures technology at Citi, where he built and managed a tech delivery and support services group for brokerage. Jaswal was also at Citi, working on the data warehouse team on risk and margin.