DataRails, which develops a financial analysis and planning platform for Excel users in finance departments, announced today that it has raised $ 50 million in Round B, led by growth fund Comra Capital. Comra joined ClalTech and La Maison Partners, as well as existing investors: Zeev Ventures, Vertex Ventures, Vintage Investment Partners, Innovation Endeavors, Oryzn Capital, Icon Venture, and Joey Lowe.
Together with the current fundraising funds, the company has raised $ 105 million so far and the funding will be used to promote research and development, increase sales and marketing teams and support its global customer base.
The company offers finance departments in small and medium-sized organizations to enjoy the flexibility and power inherent in Microsoft Excel, but with the advantage of a central cloud-based database, which allows real-time consolidation of financial and operational data from all company departments. This solution saves unnecessary working hours of employees in the finance department, who nowadays are forced to perform manual data consolidation operations in Excel for routine reports such as budget, profit and loss, balance sheets and forecasts. Relying on AI technology and software learning capabilities, the solution offered by DataRails provides advanced real-time data analysis and simulation.
DataRails was founded in 2015 by Didi Gurfinkel (CEO), Eyal Cohen (VP of Operations) and Oded Har-Tal (VP of Technology) and employs 180 people in the company’s offices in Israel and the United States.
“More than 80% of small and medium-sized businesses in North America use Excel for financial analysis and planning. They experience the difficulty involved in continuous manual labor, distributed data collection and cumbersome processes,” said Didi Gurfinkel, co-founder and CEO of DataRails. “There is a huge need to consolidate data from across the organization’s systems in real time to generate financial insights. In the United States alone, market share in this area is estimated at $ 7.8 billion. In the past year, we have experienced significant growth and increased sales fivefold, a testament to the market’s need for our solution. ”
Sivan Shimri Dahan, Managing Partner at Comra Capital Fund noted: “DataRails is leading a digital revolution in financial management processes and enriching CFOs with Business Insights (BI) overnight. For the first time, all financial information is uploaded to a unified database in the cloud automatically and enables efficient and fast content sharing between all company elements. DataRails is one of the fastest growing SaaS companies we have seen in recent years and we are pleased to join its journey towards becoming a market leader in its field. “
Comments on the article(0):
Your response has been received and will be published subject to system policies.
Thanks.
For a new response
Your response was not sent due to a communication problem, please try again.
Return to comment