TEL AVIV, ISRAEL / ACCESSWIRE / April 20, 2021 / DataRails, developer of a leading FP&A (financial planning and analysis) solution, announces an $18.5 million funding round led by the Zeev Ventures Fund, with participation from existing investors including Vertex Ventures Israel, Innovation Endeavors, and additional private investors. This brings the total funding of the company to $28.5M.
The company grew its ARR 5 fold in 2020 after the launch of their new product, which helps CFOs at small to medium-sized businesses enjoy an enterprise-level FP&A solution. DataRails provides an advanced financial solution that is ready for use within a few weeks and at a fraction of the cost of existing legacy solutions that take months to implement. As a result, DataRails has acquired hundreds of customers in a short time and is seeing retention levels that are among the highest in the industry.
Organizational finance departments are swamped with mission-critical tasks such as creating financial reports, budgets, forecasts, and management reports, most of which are prepared manually on Excel spreadsheets. Cloud alternatives to these manual processes are available in the market, but they are expensive, difficult to implement, and do not address the unique requirements of each organization. Therefore, most finance departments prefer manual, Excel-based options. But this solution leads to superfluous mistakes and wasted time and resources.
DataRails' FP&A solution provides a cloud solution that overcomes these barriers. DataRails allows teams to continue to use the familiar Excel and their existing models while concurrently transforming the Excel spreadsheet into a smart and powerful system that is connected to the organizational data infrastructure. DataRails' solution collects data from existing Excel files that are scattered throughout the organization and from organizational cloud platforms and adds them to a database that is updated in real-time. The system encourages finance teams to utilize the data dashboard to easily create real-time graphs and presentations.
Organizations continue working in their familiar environment that they know and love but still benefit from full process automation, organizational-level data overviews, and the ability to conduct advanced data analysis to extract insights.
DataRails was founded in 2015 by Didi Gurfinkel (CEO), Eyal Cohen (COO), and Oded Har-Tal (CTO). The company will use the new funding to accelerate growth.
"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," says Didi Gurfinkel, Founder and CEO of DataRails. "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."
Although the company had not planned on an investment round at this stage, the financial results attracted investors, including Oren Zeev. "Oren understood the potential of the technology we built extremely quickly," added Gurfinkel. "From the beginning, it seemed like a perfect match between our aspirations and growth rate and an investor that specializes in hyper-growth companies. We are extremely proud that someone of Oren's stature chose to invest in us."
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."
Yanai Oron, GP with Vertex Ventures that led the company's Seed round, also joined this funding round, saying, "we are absolutely delighted about the company's performance this year, a result of the founders listening to the voice of their customers and coming up with a non-trivial solution to perfectly answer customer needs."
About the Founders:
Didi Gurfinkel, CEO
Didi has held senior management and development positions in Cisco, Jungo, and SimiGon. He holds an undergraduate degree in computer science and economics from Bar Ilan University and an MBA from Ben Gurion University.
Eyal Cohen, COO
Previously the founder of WalkMe, Eyal also worked at Intel and Leumi Card. He holds an undergraduate degree in industrial engineering and management and an MBA from the Ben Gurion University in Be'er Sheva.
Oded Har-Tal, CTO
Oded has held senior development roles in Access Technologies, TruMedia, and Polycom. He holds an undergraduate degree in mathematics and computer science from the Ben Gurion University and a master's in computer science from the Hebrew University in Jerusalem.