Excel users’ platform DataRails raises $50M
The cloud-based platform’s database allows real-time consolidation of disparate cross-organization data
DataRails, an Israeli-based financial planning and analysis (FP&A) platform for Excel users, has raised $50M in Series B funding. The company’s third investment round in the past 12 months, which was led by Qumra Capital, follows a 5x growth in revenue in the past year.
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. This eliminates manual gathering and consolidation of data for staple reports including budgets, P&Ls, balance sheets, and month-end reporting.
Based on AI and Machine Learning capabilities, the DataRails’ solution provides real-time financial consolidation and advanced data visualization, through intuitive and simple implementation.
“More than 80% of small and medium-sized businesses use Excel for financial planning and analysis, and experience the pain of manual work, broken processes, and scattered data,” said Didi Gurfinkel, Co-Founder and CEO of DataRails.
“The need for real-time consolidation, collaboration, and extraction of financial insights is huge. In the past year, we have experienced tremendous growth which provides clear validation of DataRails’ superior product-market fit.”