Data Fabric Investments Grow With Cinchy Raising $10M

Cinchy raises $10 million in Series A funding for the expansion of its partner ecosystem, hopes it will facilitate wider adoption of data fabric – one of the most exciting new approaches to data management this year.

Data Fabric is an exciting new data managementOpens a new window technology that works on-premise or on cloud, with a single, unified architecture and supporting service sets. The problem that Data Fabrics aim to solve is not a new one – enterprises have been struggling to find a cohesive way to integrate and manage all their data on a single , scalable platform for years. Data Fabrics, as the name suggests, can spread (like a fabric) over a very large digital data footprint. Users can manage, store, analyze, and process vast amounts of data in real time from any number of data sources. It also provides the interfaces for the application or activation of the data by other apps and tools. The technology, one of the Top 10 Data and Analytics Technology Trends in 2019Opens a new window , is essentially a way to efficiently manage, govern, access and control ever-increasing volumes of organizational data, distributed across multi or hybrid cloud environments, for timely and intelligent business decision making.

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Earlier in May, Cinchy was recognizedOpens a new window as one of the 20 Data Fabric vendors, and one of four 2020 Cool Vendors in Data ManagementOpens a new window . Scoring this Opens a new window $10 million Series A funding will help them with their immediate goal of “helping our customers’ businesses find success in the post-COVID world”, as per Karanjot Jaswal, Cinchy CTO’s blogOpens a new window .

Concentra Bank, among Cinchy’s clientele, has gone on record to say that leveraging Data Fabric helped them immediately address the challenges of distributing a COVID-19 relief program to credit union members. “The team moved quickly from concept to live production in just one week”, said Ryan Graham, Concentra’s Chief Banking Officer.

Cinchy’s Data Fabric technology can be used to integrate or ‘weave’, and source disparate data from multiple applications and environments via connectors. Tim Clark, the Chief Information Officer of Business Segment Technology at TD Bank saidOpens a new window , “We found it to be a great way to quickly tie data together, understand the differences in systems, and then use it as an exchange of data.”

CEO Dan DeMers, in an exclusive quote shared with Toolbox said, “Data Fabric offers the bridging technology to not only enable a rapid response for time-sensitive emergency programs during the COVID pandemic, but also to enable the ongoing use of data in a secure platform where it can always be accessed. This simply is not possible with today’s models, where every system needs its own data storage solution and users are forced to spend significant amounts of time and money on integration. Cinchy has solved this fundamental problem.”

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Moving forward, the Toronto-based company will leverage the investment to advance its business operations through the expansion of its partner ecosystem. Capco, one of Cinchy’s partners, will help them gain momentum in the financial sector with Cinchy’s ‘data-as-a-networkOpens a new window ‘ approach to data management and governanceOpens a new window .

With the Data Fabric market projected to grow at a CAGR of 23.8% from 2019 to 2026Opens a new window , Cinchy’s Series A by Information Venture Partners, BDC, ScaleUp Ventures, Techstars, and Manulife Investment Management certainly seems like a safe investment. It will be interesting to watch how Data Fabric continues to disrupt the data management space, especially in sensitive – and data heavy- sectors such as banking and finance, as the technology and solutions evolves. Vendors such as Informatica, Cloudera, Denodo, and Oracle Coherence are other notable names that are all developing advanced Data Fabric solutions to address the needs of this growing market.

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