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Canopy Launches Composability Platform to Enable Developers to Connect the World's Data and Activate it in Real-Time
Thursday, November 23, 2023
The company, co-founded by technical leaders from Google, Microsoft and eBay, operates at the intersection of several multibillion-dollar markets, including developer services, system integrations and data observability
Canopy raised $4 million in seed funding from Kindred Ventures and Village Global to remove the complexity, custom code and time it takes to integrate, serve and observe data
SEATTLE, Nov. 15, 2023 /PRNewswire/ -- Canopy, the composability platform, today launched with $4 million in seed funding from leading venture capital firms, Kindred Ventures and Village Global. Canopy removes the complexity, custom code and time it takes to integrate, serve, and observe all the critical data companies need to grow their business. Enterprise organizations rely on Canopy for a distributed backend architecture that was previously only available to technology's biggest companies, while Software as a Service (SaaS) companies use Canopy to reduce costly integration cycles, increase sales and unlock more revenue.
Today, organizations rely on hundreds of data integrations - from analytics and operations systems to CRM and marketing tools - that IT teams must connect, transform and activate in real-time. These data sources are the heartbeat of companies, however, setting up each of those sources requires developers to write custom code, which takes too long, is error-prone, and demands ongoing maintenance to host, test and update. The result is that enterprise organizations often waste millions of dollars and thousands of engineering hours on buggy products, or, worse, on products that are never released. For SaaS companies, these integration challenges are the biggest barrier to adding new customers.
"Canopy is on a mission to help companies connect any data in the world and make it available in minutes, not years," said CEO and co-founder Ryan Bartley. "The truth is that most enterprise IT teams spend 85% of their time on data integrations, instead of on the many critical projects that actually drive the business forward. This leads to overworked developers, a lack of innovation and lost revenue. At Canopy, we want to break this cycle, and rid the world of custom code."
As companies across the economy invest in new technology and amidst the current AI boom, analysts predict the world's data will grow to 175 zettabytes by 2025. Enterprise and SaaS companies are desperate for help simplifying their backend systems, and SaaS companies need to reduce their time to revenue. Canopy enables software developers to connect any data source they want, transform and activate it in minutes, not years. Unlike data movement and ETL products, Canopy does not require companies to route data to a central location to extract value, and Canopy also includes out-of-the-box observability, which does not require training, setup or ongoing maintenance.
"Solving the data integration and activation problem for companies is a holy grail in enterprise technology. Companies have spent hundreds of millions of dollars on data integration and several multibillion-dollar product categories have emerged over the last few years to try to make this easier. None of this works for most companies," said Steve Jang, founder and Managing Partner at Kindred Ventures. "The Canopy team has a track record of building infrastructure and services used by millions of people. Canopy has the potential to be our next great enterprise technology company."
Canopy's platform provides backend architecture that can scale with the largest enterprise organizations or the fastest growing startups. With Canopy, SaaS companies can integrate faster, increase sales and improve customer satisfaction. The platform's features include:
-- Connecting data sources: Effortlessly, securely and privately connect to
SaaS software and integrate with existing data sources, including
internal databases, external APIs or cloud-based services - using
Canopy's no code Builder experience.
-- Command data sources: Shape data to meet their specific requirements
with an intuitive interface that simplifies complex operations.
-- Control data sources: Serve real-time data for enhanced user experiences
and engagement.
-- Comprehensive observability: Gain critical insights into data
performance, usage and audit trails through centralized monitoring
capabilities that just work out-of-the-box. With Canopy, companies do
not need expensive 3rd-party observability and telemetry software, or
any specialized setup, customization and ongoing maintenance.
-- Scalable, secure, and reliable infrastructure: Ensure consistent
performance with a suite of enterprise-grade features that prioritize
data security, privacy, compliance, and governance. Canopy allows IT
teams to control every aspect of data access, change management and
operations.
Canopy is co-founded by Ryan Bartley and Morgan Dollard, two seasoned product and engineering executives. Bartley, Canopy's CEO, previously co-founded fabric, an e-commerce software company, now valued at over $1.5 billion, and also held senior product roles at eBay and Dell. Dollard, Canopy's CPO, is a former Google leader who helped build Google Play, Google Cloud Platform's networking portfolio and Stadia. He also held senior technical roles at Microsoft and Juniper Networks.
Canopy has been a game-changer for Symbl.ai. As a developer-first platform, enabling our enterprise customers to have high predictability and success in implementations was a challenge. With Canopy, Symbl.AI can now onboard new digital native customers in less than a day, with just configuration required - no more expensive System Integration costs and weeks of implementation headaches. It has empowered our customers to significantly lower integration costs, as they adopt generative AI in workflows with their existing tools like Salesforce and Hubspot. Canopy handles all the data transforms seamlessly, catering to each customer's unique needs for their own system of records," said Surbhi Rathore, CEO at Symbl.ai.
About Canopy
Canopy is the composable data platform that removes the complexity, custom code and time it takes to integrate, activate and observe all the critical data companies need to grow their business. Enterprise organizations rely on Canopy for a distributed backend architecture that was previously only available to technology's biggest companies, while Software as a Service (SaaS) companies use Canopy to reduce costly integration cycles, increase sales and unlock more revenue. Built by technical leaders from Google, Microsoft and eBay and backed by Kindred Ventures and Village Global, Canopy enables software developers to connect any data source in the world, configure, and serve it to any experience in minutes. To learn more, visit https://www.runcanopy.com/.
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SOURCE Canopy Platform Inc.
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