Israeli financial planning and analysis (FP&A) platform for Excel users DataRails today announced that it has completed a $50 million Series B financing round led by Qumra Capital. New investors La Maison Partners and ClalTech, as well as existing investors Zeev Ventures, Vertex Ventures Israel, Innovation Endeavors, Vintage Investment Partners, Oryzn Capital and Icon Venture also participated.
Founded in 2015 by Didi Gurfinkel (CEO), Eyal Cohen (VP Operations) and Oded Har-Tal (CTO), the latest round, DataRail's third in the past 12 months, brings to $103 million the total raised by the company. DataRails was chosen as "Globes" most promising startup in 2021. The company reports that revenue has risen fivefold over the past year. Annual Recurring Revenue (ARR) is approaching $10 million, according to estimates. DataRails has 180 employees.
DataRails will use the funding to further invest in R&D as well as in sales and marketing, and to expand and support its customer base worldwide.
DataRails enhances Excel for small and medium-sized businesses, through a cloud-based centralized database allowing real-time consolidation of financial and operational data from across a company. This eliminates hours of 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.
Gurfinkel said, "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. The need for real-time consolidation, collaboration, and extraction of financial insights is huge, with the US market alone estimated at $7.8 billion in 2022. In the past year, we have experienced tremendous growth which provides clear validation of DataRails’ superior product-market fit."
Published by Globes, Israel business news - en.globes.co.il - on March 10, 2022.
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