DataRails, the financial planning and analysis platform for Excel users, announced today that it has raised $50 million in a Series B funding round led by Qumra Capital. The round included participation from existing investors Zeev Ventures, Vertex Ventures Israel, Innovation Endeavors, Vintage Investment Partners, Oryzn Capital and Icon Venture, as well as new investors La Maison Partners and ClalTech. This is the company’s third investment round in the past 12 months.
Using Excel for financial planning and analysis can be a bit overwhelming. Unfortunately, the experience usually includes inefficient manual work, has broken processes and leads to scattered data. More than 80% of small and medium-sized businesses use Excel for financial planning and analysis and are therefore experiencing all these pains. So, there is a need for a change; a solution that offers real-time consolidation, collaboration, and extraction of financial insights.
No more wasting time on manual labour
DataRails offers the market-leading solution for financial planning and analysis for small and medium-sized businesses. Based on AI and Machine Learning capabilities, DataRails allows teams to enjoy the flexibility and power of Excel, but with the benefit of a cloud-based centralized database allowing real-time consolidation of disparate financial and operational data from across a company
Their platform automates data collection for financial and operational data, no matter what their shape or form is, which eliminates hours of manual gathering and consolidation of data for staple reports such as budgets, P&Ls, balance sheets, and month-end reporting. Automating these time-consuming manual processes paves the way for finance teams to spend more time analyzing data and less time gathering it. They also offer advanced data visualization to give companies a granular view of their data. The software can understand the root of any piece of information by breaking down the data right from within existing Excel spreadsheets. Moreover, the platform estimates finances for future periods and plans operations accordingly. These features empower users to answer essential strategic questions like what their organization can do to increase revenue and reduce expenses.
In the past year alone (2021), DataRails saw revenue grow fivefold. Now, with the newly raised capital, they plan to further invest in their R&D and sales and marketing and expand and support their customer base worldwide.
DataRails was founded in 2015 by Oded Har-Tal (CTO), Didi Gurfinkel (CEO), and Eyal Cohen (CPO). To date, they have raised $105 million.