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DataRails, a financial analytics platform that empowers financial professionals, helps businesses in understanding financial data better, has raised $18.5 million in a Series A round led by Zeev Ventures Fund. Oren Zeev shall also join the company’s board of directors.
To date, DataRails have raised about $28.5 million. Existing investors Vertex Ventures Israel and Innovation Endeavors, and other undisclosed private investors had also participated in the funding.
Commenting on the funding, Zeev added that DataRails at the moment is only scratching the surface of their platform’s potential while building bridges to the gap between over 300000 small and medium businesses that use Excel for their Financial Planning and Analysis (FP&A) and a cloud-based solution.
Founded in 2015, DataRails is based in Tel-Aviv. They enunciate that their cost-effective solution and its setup can be completed in weeks as opposed to month-long setups competing solutions offer.
Usually, in finance departments, processes have remained stagnant for the past 30 years and are usually carried out manually on Excel. Didi Gurfinkel, co-founder and CEO of DataRails, states that this is where DataRails provides a solution using a technology that automates monthly and quarterly financial data and increases transparency in Excel-based financial processes.
Rather than replacing Excel, DataRail supplements them with what Eyal Cohen cites to be “elastic database technology” to structure spreadsheets.
DataRails had previously raised $10 million, and with the current fund, they are well-positioned to add more data and analytics on their platform.
We’re looking to add stronger analysis capabilities, as well as newer prediction capabilities and better insights.Eyal Cohen