Dataware technology startup Cinchy secured $14.5M in Series B funding

Cinchy, a Toronto-based Dataware technology on data liberation company, has now secured $14.5 million in a Series B funding round.

Cinchy is founded by Dan DeMers. It provides enables organizations to free data from their applications, databases, and spreadsheets and connect it within a network-based architecture that supports enterprise-wide data collaboration. 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.

Companies, including TD Bank, AIS, Ally Bank, and the YMCA use the platform.

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."

Leo Casusol, Managing Director at Forgepoint Capital, said, "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."

The round was backed by Forgepoint Capital.

Post funding, Leo Casusol will now be going to join Cinchy’s Board of Directors team, while Reynaldo Kirton will now join as an advisor.

The dataware startup as of now has plans to use the new funds to helps us expand its team and release new pre-built dataware solutions, notes the announcement.