Friday, September 26, 2014

Cynny raises €2.5M in angel funding in just 8 months

Stefano Bargagni the serial entrepreneur who in 1993 founded CHL, the Italian leading company in e-commerce of tangible goods for the end user, and since 2000 listed in the Standard segment of the italian stock exchange, raised €2.5 million  in 2 equal tranches - in just in 8 months for Cynny, the startup he founded in 2013 and that it is launching a mobile application that brings together file-sharing, tagging and social media.

The company structure was enriched with 41 new members, including some foreigners, with an average investment of around €70,ooo each, reaching a total of 60 members. The capital raised so far by Cynny has been allocated almost entirely to research, development and purchase of hardware. In addition to developing the App, Cynny has created a microserver based on ARM technology. This technology is already operational with 3 rack ("cabinets") of 532 microservers each active in Europe and the United States. 
Stefano Bargagni, founder of Cynny, said: "We're riding on a success story. Cynny is shifting away from its purely creative phase to the "production" one.

What is the Cynny app? Cynny is a new platform that allows users to communicate keeping firmly in control of their data. The Cynny App frees the user from any limits of space, type of file and device and gives him/her total control of sharing, storing, enjoying their contents.
With Cynny, users can use, share and store their own experiences, their moments through the creation of multiple channels - LIVETAGs - each with unlimited amount of data, in the cloud and in safety. The contents of photos, videos, pdf documents (any type of file) are updated in real time and can be added by most people.

Cynny has developed its hardware project in Taiwan thanks to the collaboration with Ambedded Technology, the company founded by Aaron Joue that has designed the world first ARM based micro server for cloud computing applications, which Cynny participates with 2% and that in turn is shareholder of Cynny for about 1%. The micro server has much lower costs than major competitors, so the hardware will become a line of business for Cynny, although secondary. In recent weeks Ambedded Technology has delivered the first 15 samples of the CY7 server to SCSK Corporation, the Japanese multinational active in IT with $2.7 billion in revenues in 2012 and 24 Datacenters.

Cynny has installed its own hardware platforms in the USA (California, Virginia) and France. In the United States Cynny controls 99% of Cinny Inc, the company through which leads the commercial development and is managed in close contact with Renato Iwersen, longtime friend of Barbagni and until a few weeks ago responsible for strategic partnerships at Tango, the startup specializing in mobile app in which last March the Chinese e-commerce giant Alibaba, which also debuted in IPO just last Friday, September 19, has invested $215 million alongside the old members who in the new round have invested further $65 million. Operation managed directly by Iwersen. Finally, the other key operating partner is the Romanian Christian Varvara head of the Romanian Cynny Social Cloud, controlled at 90% by the Italian Inc., home to the designers of the app.

As for the other Italian shareholders, there are, for example, Anna Siccardi, founder of  the crowdfunding site and controlling shareholder of the classifieds site; Simone Pratesi, CFO of B&C Speakers; Andrea Manganelli, CEO of Toscana Finanza and Franco Margani, former president of Firenze Tecnologia,  a special company of the Chamber of Commerce, and founder of Logitron, a company specializing in industrial automation which was sold in 1999 to the American Gilbarco.