UPDATED 11:01 EDT / MAY 26 2020


Data collaboration firm Cinchy raises $10M funding round

Data collaboration company Cinchy is ready for its next stage of growth after landing $10 million in a new round of funding.

Information Venture Partners led the Series A round, which also included the participation of BDC, ScaleUp Ventures, Techstars, and Manulife Investment Management.

Cinchy sells a “Data Fabric” platform that enables multiple systems and users to collaborate on a company’s corporate data in real-time, without the need for separate application databases. Essentially, it’s an integration platform that connects all data together with data management services, enabling companies to access and utilize data from multiple sources.

One of the key benefits of this architecture is that it removes the need to make data copies, or integrations, when launching new solutions. Instead, data is “linked,” and the process actually gets faster and more efficient as the fabric powers more solutions.

These are important capabilities because developers today need to build increasingly complex applications that tap into diverse data sources, including on-premises, cloud, SQL and NoSQL database systems, the company said.

“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,” claimed co-founder and Chief Executive Dan DeMers.

“We share a radical vision with our customers; that integration should be, can be, and will be zero-effort,” added Cinchy co-founder and Chief Technology Officer Karanjot Jaswal.

One of Cinchy’s customers is Concentra Bank, which used the platform to help distribute a COVID-19 relief program to credit union members. “We were impressed by how we could leverage Cinchy’s Data Fabric,” said Concentra Chief Banking Officer Ryan Graham. “The team moved quickly from concept to live production in just one week.”

Image: Cinchy

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