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 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.”