CPE News (10.27.2022) – Cinchy has raised US $14.5 million in Series B funding led by Forgepoint Capital.
Forgepoint Managing Director Leo Casusol will join Cinchy’s board of directors, while Reynaldo Kirton comes on board as an advisor.
Founded by CEO Dan DeMers and CTO Karanjot Jaswal, Toronto based Cinchy is a leading developer of dataware technology and data liberation, enabling organizations to free it from their applications, databases, and spreadsheets and connect it within a network-based architecture that supports enterprise-wide data collaboration.
Cinchy will use new funding to further capitalize on the surge in global demand for data fabric and data mesh solutions that help free the enterprise from unruly application ecosystems and regain greater control of their data.
In May 2020, Cinchy announced the closing of $10 million Series A funding led by Information Venture Partners (IVP) and with participation of BDC Capital, ScaleUp Ventures, Techstars, and Manulife Investment Management.
photo credit: Cinchy
News Release
Cinchy Announces $14.5 Million Series B Funding Led by Forgepoint
New round of financing will help accelerate market outreach, expansion of dataware technology
October 27, 2022 08:00 AM Eastern Daylight Time
TORONTO–(BUSINESS WIRE)–Cinchy, the pioneer of dataware technology and leader of data liberation, today announced a $14.5 million USD Series B financing round led by Forgepoint Capital. Forgepoint Managing Director Leo Casusol will join Cinchy’s Board of Directors, while Reynaldo Kirton comes on board as an advisor. This investment allows Cinchy to further capitalize on the surge in global demand for data fabric and data mesh solutions that help free the enterprise from unruly application ecosystems and regain greater control of their data. Cinchy, which enables instant visibility into organizational data, offers an out-of-the-box solution that provides immediate time to value by turning abstract data concepts into actual live dataware deployments.
“Our mission is to liberate and harness the power of data, giving it back to teams and organizations to accelerate digital transformation and growth,” said Dan DeMers, CEO and co-founder of Cinchy. “We’re thrilled to partner with the team at Forgepoint Capital, which uniquely appreciates the importance of data layer controls and the enablement of data autonomy. This latest round of funding helps us expand our team and release new offerings that include pre-built dataware solutions designed to help organizations instantly liberate both trapped data and siloed SaaS applications.”
With Cinchy—a young company with customers ranging from TD Bank to Colliers International—businesses in every demographic can begin to eliminate their dependence on costly, time-consuming integrations and can establish fully autonomous data networks. Free from encumbrances and centrally accessible, Dataware delivers enhanced business intelligence and fosters faster time to market for business solutions.
“With every investment, we promote and support technologies that are designed to disrupt long-held business practices, and there’s no question that data-enabled collaboration needs exactly those foundational advances,” said Leo Casusol, Managing Director at Forgepoint Capital. “We’re already seeing the power and impact of Cinchy’s Dataware Platform in transforming and enhancing business practices for customers across industries, and the company is just getting started. We couldn’t be more excited to partner through their next phase of growth and all that’s ahead.”
“Cinchy is an incredible platform charting a new paradigm in the realization of value from data and changing the game for architecting and delivering data-centric solutions,” said Michael Dieckmann, CIO, Florida Polytechnic University.
Additional Resources:
Your Complete Guide to Dataware
Simplify Your Path to DATA NIRVANA with Dataware (feat. Michele Goetz, Principal Analyst at Forrester)
Hear directly from customers about why they selected Cinchy and the impact dataware has had on their business
See the power of Cinchy’s Dataware Platform first-hand and sign up for a personalized demo
Cinchy is hiring for several sales, technical, and customer success roles; apply to join Cinchy today
About Forgepoint Capital
Forgepoint Capital is a leading cybersecurity venture capital firm that invests in transformative companies protecting the digital future. As the most active sector-focused firm in cybersecurity and infrastructure software, Forgepoint has the largest dedicated investment team and portfolio of over 40 companies. The firm brings over 100 years of proven company-building experience and its Advisory Council of more than 80 industry leaders to support entrepreneurs advancing innovation globally. Founded in 2015, Forgepoint is proud to partner with category-defining companies such as 1Kosmos, Area 1 Security (Cloudflare), Attivo Networks (SentinelOne), BehavioSec (RELX), Bishop Fox, Cysiv (Forescout), Huntress, IDX (ZFOX), Noname Security, NowSecure, ReversingLabs, Uptycs and more as they reach their market potential. Learn more at https://forgepointcap.com or follow https://www.linkedin.com/company/forgepoint-capital/.
About Cinchy
Cinchy is leading the liberation of data by enabling organizations to free it from their applications, databases, and spreadsheets and connect it within a network-based architecture that supports enterprise-wide data collaboration. Leading companies including TD Bank, AIS, Ally Bank, and the YMCA leverage the Cinchy Dataware Platform to eliminate the cost and delay of data integration from digital transformation projects, extend the ROI of legacy systems and SaaS solutions, automate data protection, and empower business teams with secure data self-service for data enrichment and the creation of actionable intelligence. Cinchy has been named a ‘Company to Watch’ in the Deloitte Technology Fast 50, a ‘Top Pick’ at TechCrunch Disrupt, and a top 15 data fabric provider in the Forrester Wave™: Enterprise Data Fabric, Q2 2022 report. For more information, visit cinchy.tv or follow us on LinkedIn.
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