Cinchy raises $14.5 million to expand data software data management
Cinchy is seeking to expand its dataware data management technology with the help of a $14.5 million Series B funding it disclosed Thursday.
The 2017 Toronto-based startup develops a type of technology called dataware, which enables organizations to visualize, manage and integrate data across disparate data sources.
The Cinchy approach is an attempt to create a new kind of data fabric which connects different data sources together in a way that the vendor claims will “liberate” data from isolated sources.
The dataware model provides a central repository where data from different sources can be integrated. This data is then accessible to other applications through a Universal Data API and Data Browser.
The data structure and data integration market is competitive with several vendors vying for market share. Talend develops a Data Fabric Technology. Informatica is a leading provider of data integration and Denodo has data virtualization platform that helps the organization to use data located in different places.
How Cinchy Dataware Data Management Helps Users
Among Cinchy users is Benjamin Von Euw, innovation leader at iA Financial Group in Quebec. The company uses data software technology to address the challenge of having a lot of data in many different places.
“We grew by acquisition,” Von Euw said. “We have mainframes. We have Oracle. We have all kinds of databases, local and in the cloud. Any kind of technology, we have it.”
Cinchy is also used by San Mateo, California-based Forgepoint Capital, which is one of Cinchy’s investors.
As a venture capital firm, the company continually tries to improve its processes for correlating research and investment theses, as well as maintaining and providing benchmark data to its portfolio companies, said Reynaldo Kirton. , senior partner at Forgepoint Capital.
“Cinchy facilitates these processes by providing a centralized data platform with intelligent data augmentation that dynamically enriches and connects data from siled data sources,” Kirton said.
Cinchy’s platform data browser is also useful for his business, Kirton added. The Data Browser allows business users to interact with, analyze, and create live dashboards on integrated data without depending on data analysts.
Prior to Cinchy, analyzing combined data sources required manually copying and pasting data from different sources into Excel spreadsheets, Kirton said.
What is data software
Cinchy did not coin the term dataware, which is also the name of Cinchy’s platform.
Instead, that credit goes to Gordon Everest, associate professor emeritus at the University of Minnesota, who in the mid-1980s predicted a future in which data becomes independent of applications, noted Dan DeMers, founder and CEO of Cinchy.
Prior to founding Cinchy, DeMers spent over a decade in the financial services industry observing the challenges organizations face with data integration. In his experience, IT staff members were spending too much time and resources moving data from one location to another.
The promise of dataware is that it unlocks data from specific applications and databases so that it can be used in multiple locations and applications for business operations or data analysis.
“Think about it [dataware] like Google Drive, but for data, and not just for people but for apps so they can all collaborate on data in real time,” DeMers said.
How dataware handles data
Organizations can deploy Cinchy’s platform on-premises or in the cloud.
With both models, Cinchy provides a universal API that supports multiple technologies including REST and GraphQL to allow both applications and users to access the data. The platform includes a multi-directional data synchronization engine that keeps data up-to-date in Cinchy, as well as in the data sources and applications to which it is connected.
Rather than using some form of data normalization to transform all data into a common format, Cinchy uses technology that enables what DeMers called metadata plasticity that allows for an agile and flexible data schema that can handle changes over time, while being accessible by any type. of candidacy.
Looking ahead, DeMers said Cinchy plans to build industry-specific platforms, including one for credit unions that she released in September.
“You can expect to see similar offerings for other industries and segments,” he said.