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As organizations continue to accelerate the adoption of digital transformation across the enterprise ecosystem, leaders in the finance industry are increasingly gaining momentum in the race to a digital future. Gartner reports that business leaders expect digital technologies to dramatically transform their industry by 2026. While CFOs keep attempting to digitize finance, aligning digital strategies with business outcomes presents a new challenge.
DataRails, a New York-based AI-enabled financial planning and analysis platform for Excel users, today raised a $50 million funding in its quest to revolutionize the CFO’s office. The AI-powered company claims its unique approach allows CFOs to take advantage of the full potential of new tech while minimizing disruptions to workflow.
In a press release, the company claims it leverages AI and machine learning capabilities to provide real-time financial consolidation and advanced data visualization through intuitive and simple implementation. Many finance teams often manually gather and consolidate data for staple reports like budgets, profit and loss statements (P&Ls), balance sheets and month-end reporting, but DataRails says its automation-driven platform helps finance teams to be faster and more effective.
Simplifying finance operations with automation
Didi Gurfinkel, cofounder and CEO of DataRails, said over 80% of small and midsized businesses experience the pain of manual work, broken processes and scattered data while using Excel for financial planning and analysis. He continued by adding that this showed a huge need for real-time consolidation, collaboration and extraction of financial insights.
The company says it uses a cloud-based centralized database enabling real-time consolidation of disparate financial and operational data from across a company to allow teams to 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 financial teams’ operations by empowering teams in every organization with profound business intelligence (BI) capabilities.
“For the first time, all financial data is uploaded to the cloud, providing continuous agility and content sharing,” said Dahan.
While Gurfinkel said DataRails has experienced tremendous growth that makes the company the superior product-market fit, DataRails is not the only company automating time-consuming manual processes for finance teams. A G2 review list shows DataRails has competition in Vena, the “native Excel complete planning platform.” Other competitors include Planful, BlackLine, FloQast and Prophix Software, which “automates important financial and operational processes.”
How DataRails will invest the funding
In alignment 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, as well as sales and marketing.
This funding — which is the third investment round in the last 12 months — is coming on the heels of a five-fold revenue growth in 2021.
The funding was led by Qumra Capital with participation from new and existing investors.