Toronto-based Cinchy, which is building an enterprise data collaboration platform, has raised $3 million in funding.
The funding was led by Blindspot, with participation from ScaleUp Ventures, MaRS Investment Accelerator Fund (IAF), Techstars, and BDC Capital.
Cinchy’s platform enables multiple systems and users to collaborate on data in real-time, without requiring separate application databases. The goal is to help enterprises save time and money by avoiding complex integration work typically required to share data across systems, including APIs.
“Today, data is fragmented across thousands of application databases. As a result, organizations need to perform complex integration work as part of every project to share data across systems. This is inefficient, insecure, expensive, and blocks every organization’s ability to innovate quickly,” says Dan DeMers, CEO of Cinchy. “We created Cinchy to unlock unprecedented agility for our customers, and we are 100 percent committed to enabling them to out-innovate their competition.”
TD Bank was one of the company’s early customers. “As we continue to build the bank of the future, we are always looking at new technologies like Cinchy that contribute to operational efficiencies and help us power new experiences for our customers,” said Tim Clark, CIO of Canadian retail banking, enterprise information management and customer assistance at TD.
“If data is as valuable as people now believe, then the world is in dire need of a platform that finally respects it. We believe all data must be secure, seamlessly connected, and immediately accessible to those who need it,” said Karanjot Jaswal, CTO of Cinchy. “Not everyone gets it, but savvy executives have lost patience investing in new technologies based on future hypothetical benefits. We specifically designed Cinchy to enable immediate ROI while incrementally evolving towards a single secure network of interconnected data.”
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