Toronto-based data startup Cinchy has found a new leader in Paul Patterson.
Patterson has assumed the reins of CEO from Cinchy co-founder Dan DeMers, who is shifting to the role of “chief simplification officer,” according to a statement from Cinchy, a role that will see him “develop a first-of-its-kind data product marketplace.”
Cinchy co-founder and former CEO Dan DeMers is shifting to the role of chief simplification officer, according to the startup.
In the statement, DeMers described his leadership shift as a “long-planned move” aimed to “enable greater enterprise agility and revolutionize how organizations manage their data.”
On his LinkedIn page, DeMers describes his new role as using Cinchy’s platform to develop data-centric solutions that tackle data and business complexities and will oversee the creation of a marketplace for simplified, user-friendly data products.
“My commitment to product innovation has never been stronger,” DeMers said in a statement. “In a world rapidly integrating cutting-edge technologies like generative AI, data mesh, and data fabric, the need for simplified data management is more critical than ever.”
“Complexity kills agility, and we have the cure,” DeMers added. “Simply put, we are the enterprise simplification company.”
RELATED: Hyatt brothers aim to build their “next big thing” with majority ownership of DataStealth
Founded in 2017, Cinchy offers a data platform aimed at helping businesses securely access all of their data in a central location and at a lower cost. The startup’s customers include large enterprises such as TD Bank, Colliers International, National Bank, and the Royal Bank of Canada. The company claims the platform can reduce the time and cost to build applications by more than 50 percent.
Cinchy has raised over $30 million CAD in institutional funding to date, including a $10-million Series A round in 2020 and a $19.7-million Series B round in 2022.
Patterson joins Cinchy from Silicon Valley-based mobile software company Branch Metrics, where he served as CRO until October 2023, according to his LinkedIn. He previously held roles at Siemens’ venture capital group Next47, as well as NetApp and DataVisor. Cinchy noted that Patterson’s experience spans strategic planning, operational efficiency, and market expansion.
“The feverish pace of application development and difficulties with data management create costly integration cycles that are unsustainable,” Patterson said in a statement. “Cinchy unshackles enterprise organizations from data silos and complexity, enabling teams and systems to collaborate in ways they never could before. The upside is vast.”
Feature image courtesy Paul Patterson. Photo via LinkedIn.
