Israeli financial planning and analysis company DataRails has announced the completion of a $18.5 million financing round led by Zeev Ventures, with participation from existing investors including Vertex Ventures Israel, Innovation Endeavors, and additional private investors. This brings the total funding of the company to $28.5 million.
DataRails was founded in 2015 by CEO Didi Gurfinkel, COO Eyal Cohen, and CTO Oded Har-Tal. The company will use the new funding to accelerate growth.
Gurfinkel, who had the idea for the company when he worked as a senior manager for Cisco, said, "Unlike sales and marketing departments, the processes in finance departments have been pretty much stagnant in the past 30 years and are still being conducted manually with Excel. That's why we developed a technology that runs the Excel-based organizational processes in a transparent manner and completely automates the monthly and quarterly financial processes. Our customers are thrilled to continue working as they are used to while also saving time and gaining meaningful insights that are helpful to their daily decision-making. They are excited about the ability to create beautiful online dashboards they can share with their colleagues and present to management."
DataRails saw its annual recurring revenue (ARR) rise 5 fold in 2020 after the launch of their new product, which helps CFOs at small to medium-sized businesses enjoy an enterprise-level financial planning and analytics solution.
Oren Zeev, who joined the company's board of directors, said, "There are over 300,000 small and medium businesses using Excel to manage their FP&A tasks, and DataRails is building a bridge to allow these companies to adopt a cloud-based solution while using the familiar Excel and their existing models. I believe they are only scratching the surface of what can be done on their platform."
Published by Globes, Israel business news - en.globes.co.il - on April 20, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021