Toronto, Canada-based Dataware technology and data liberation company Cinchy raised USD 14.5 million in recent funding. The Series B round took place on October 27, 2022. Forgepoint Capital led the financing for the firm.
As a part of the deal, Forgepoint Managing Director Leo Casusol will join Cinchy’s Board of Directors. Besides, Reynaldo Kirton comes in as an advisor.
Purpose of funding for Cinchy
With the recent proceeds, Cinchy intends 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.
It has plans to expand its business reach. Besides, the company seeks to expand its operations.
What the Cinchy official has to say
Dan DeMers, CEO and co-founder of Cinchy, said, “Our mission is to liberate and harness the power of data, giving it back to teams and organizations to accelerate digital transformation and growth. 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.”
What the investor has to say
Leo Casusol, Managing Director at Forgepoint Capital, further added, “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. 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.”
What the CIO of Florida Polytechnic University has to say
Michael Dieckmann, CIO of Florida Polytechnic University, said, “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.”
About the company
Karanjot Jaswal and Dan DeMers launched the company in 2017. The company leads data liberation by enabling organizations to free it from their applications, databases, and spreadsheets. Further, it connects within a network-based architecture that supports enterprise-wide data collaboration. Companies such as TD Bank, AIS, Ally Bank, and the YMCA leverage the Cinchy Dataware Platform.
For more extensive analysis and Market Intelligence reports, feel free to approach us.
We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know
if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover
–what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!Next Article
