This is, by far, the most exciting thing I have ever had the chance to write… Cinchy has received Series A funding!
This is an incredible milestone for us. My co-founder, Karanjot Jaswal, and I started Cinchy on the simple belief that data needed to evolve in order to deliver on the promise of 21st Century technology (simplicity!). After all, the way we manage data is essentially unchanged since the invention of the relational database in the 1970s.
Think about that—all these modern applications running on a data architecture that’s 40 years old! It’s like building a new house with rusty old plumbing. No matter how advanced an enterprise’s technology stack is, it’s limited by this archaic data architecture and the massive data integration projects and data copying that go with it.
Think of a powerful race car with a limiter on the engine, this sophisticated machine held back from its full potential by a single chokepoint. Get rid of the limiter, and your max speed doubles.
We saw data integration as a similar chokepoint for business productivity, and so we decided to remove it by changing the way data works.
An evolution of data
I truly believe Cinchy’s approach is as much an inevitability as it is an innovation. The biggest problems with the existing paradigm are data copying and data integration, and there’s no way those problems go unsolved indefinitely. We just happened to do it first, replacing data copies with universal access controls, and reducing data integration to a one-time occurrence with our Autonomous Data Fabric. This saves money and time right away, with new projects taking weeks instead of months.
It also steadily eliminates data integration efforts over time, unlocking network effects as Cinchy becomes faster and more efficient with every new data source you connect to it. This is a fundamental change for business, where more connected apps traditionally mean more complicated and time-consuming integration projects. We’ve inverted that; with Cinchy, the more you use it, the better it gets.
On receiving funding during COVID crisis
It means so much to receive Series A funding at all, but even more so to do it at a time when companies and investors are being extremely judicious with their money. It’s proof to me that the solution Cinchy offers is an important one, for now and the future.
The ongoing COVID-19 crisis is unique in how it forces organizations to rationalize spending while simultaneously fast-tracking efforts to digitize service delivery. "Do more with less" is no longer just an expression; it's an existential requirement! As a result, financial institutions everywhere are accelerating the adoption of Data Fabric technology. As the most advanced Data Fabric, Cinchy is already helping some of the world's biggest banks move toward a "zero integration" environment where data is seamlessly connected, automatically protected, and available for real-time data collaboration.
For example, Concentra Bank used Cinchy to deliver a COVID-19 relief loan program through 35 credit unions in just five days, providing critical assistance to thousands of businesses. The program will distribute $200-million in CEBA loans. A project of this scale would have taken months with the conventional approach.
We’re dedicated to helping our customers meet these new demands by delivering projects in half the time and half the cost, now and in the COVID-free future (and isn’t that something to look forward to?!).
Putting new funding to good use
Series A funding is a major milestone, but it’s by no means the finish line; in many ways, it’s more of a starting line. This funding will allow us to make a major investment in ourselves as we work to revolutionize data not just for a few select, smart businesses, but for the entire world. Here’s what we’re doing:
Delivery enhancements. We’re adding new features and capabilities to Cinchy, and seeking new security certifications. These will allow us to answer the demand for our product to grow into new markets.
Expanding our market. We aren’t just growing Cinchy, we’re growing the Data Fabric market as a whole, changing the world by restoring data ownership and privacy. This includes creating a scalable roadmap to help enterprises adopt and utilize Data Fabrics.
Staffing up. Our world-class staff is like a stable of unicorns—not exactly easy to find! This funding will help us bring more rare talent into the fold, setting us up for continued growth.
Enhancing customer success. Everything we do has the end-user in mind. From new client on-boarding to enhanced education and support, our focus is always on helping our customers succeed.
Deepening partner ecosystems. We’ll create new collaborations, partner projects, and marketing opportunities to help us build the Cinchy brand and continue growing.
Obviously, there’s a lot to do! But we’re going to accomplish it, and we’re thankful to have the guidance and support of our new investors to help us along the way.
It’s going to be a wild ride, but that’s par for the course so far. And I’m beyond words (funny thing to say in a blog post, I know) at just how important and exciting it all is for me. I am so proud of our people, our incredible team, and I can’t wait to see what we can accomplish next!