DataRails aims to revolutionize the CFO’s office with automation
Missed a session at the Data Summit? View here on demand.
As organizations continue to accelerate the adoption of digital transformation across the business ecosystem, financial industry leaders are gaining momentum in the race to a digital future. Gartner reports that business leaders expect digital technologies to dramatically change their industry by 2026. As CFOs continue to try to digitize finance, aligning digital strategies with business results presents a new challenge.
DataRails, a New York-based AI-based financial planning and analytics platform for Excel users, today raised $50 million in funding in its quest to revolutionize the CFO’s office. The AI-powered company claims its unique approach enables CFOs to capitalize on the full potential of new technology, while minimizing workflow disruptions.
In a press release, the company claims it uses AI and machine learning capabilities to provide real-time financial consolidation and advanced data visualization through intuitive and easy implementation. Many finance teams often manually collect and consolidate data for basic reports such as budgets, profit and loss statements (P&Ls), balance sheets and monthly reporting, but DataRails says the automation-driven platform helps finance teams work faster and more effectively.
Simplifying financial operations with automation
Didi Gurfinkel, co-founder and CEO of DataRails, said that more than 80% of small and medium-sized businesses experience the pain of manual work, broken processes and scattered data when using Excel for financial planning and analysis. He goes on to add that this shows a huge need for real-time consolidation, collaboration and extraction of financial insights.
The company says it uses a cloud-based centralized database that enables real-time consolidation of disparate financial and operational data across the company, so teams can enjoy the flexibility and power of Excel.
Sivan Shamri Dahan, managing partner at Qumra Capital, agrees with Gurfinkel, saying that DataRails is leading the transformation of finance teams’ operations by empowering teams in any organization with deep business intelligence (BI) capabilities.
“For the first time, all financial data is uploaded to the cloud, allowing for continuous flexibility and content sharing,” said Dahan.
While Gurfinkel said DataRails has experienced tremendous growth, making the company the superior product-market fit, DataRails isn’t the only company automating time-consuming manual processes for finance teams. A G2 review list shows that DataRails has competition in Vena, the ‘native Excel complete planning platform’. Other competitors include Planful, BlackLine, FloQast and Prophix Software, which “automate key financial and operational processes”.
How DataRails will invest the money
In line with DataRails’ vision to dominate the financial planning and analysis software market, the company will use this additional capital to expand its global customer base and further invest in R&D, sales and marketing.
This financing – the third round of investment in the past 12 months – comes on the heels of fivefold revenue growth in 2021.
The financing was led by Qumra Capital with the participation of new and existing investors.
VentureBeat’s mission is to be a digital city square for tech decision makers to learn about transformative business technology and transactions. Learn more
This post DataRails aims to revolutionize the CFO’s office with automation
was original published at “https://venturebeat.com/2022/03/10/datarails-wants-to-revolutionize-the-cfos-office-with-automation/”
