Canopy: Composability Platform Company Raises $4 Million

By Annie Baker ● Nov 29, 2023

Composability platform company Canopy recently launched with $4 million seed funding from leading venture capital firms Kindred Ventures and Village Global. Canopy is known for removing the complexity, custom code, and time needed 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 previously 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.

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. But setting up each source 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. And for SaaS companies, these integration challenges are the biggest barrier to adding new customers.

As companies across the economy are investing in new technology and amidst the current AI boom, analysts predict the world’s data will grow to 175 zettabytes by 2025. And enterprise and SaaS companies are desperate to simplify their backend systems, and SaaS companies need to reduce their time to revenue. Canopy enables software developers to connect any data source they want to transform and activate 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 includes out-of-the-box observability – which does not require training, setup, or ongoing maintenance.

Canopy’s platform provides backend architecture that can scale with the largest enterprise organizations or the fastest-growing startups. And with Canopy, SaaS companies can integrate faster, increase sales and improve customer satisfaction. The platform’s features include connecting data sources, command data sources, control data sources, comprehensive observability, and scalable, secure, and reliable infrastructure.

Canopy was 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 that is 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 and he also held senior technical roles at Microsoft and Juniper Networks.

KEY QUOTES:

“Canopy is on a mission to help companies connect any data in the world and make it available in minutes, not years. The truth is that most enterprise IT teams spend 85% of their time on data integrations instead of on the many critical projects that 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.”

  • CEO and co-founder Ryan Bartley

“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. 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.”

  • Steve Jang, founder and Managing Partner at Kindred Ventures

“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.” 

  • Surbhi Rathore, CEO at Symbl.ai