DataRails, a financial planning and analysis solution, has scored $18.5m in its funding round, which was led by Zeev Ventures Fund.
Contributions to the round also came from previous backers Vertex Ventures Israel and Innovation Endeavors. A number of unnamed private investors also participated.
The round close brings the company’s total capital raised to $28.5m, since it was founded in 2015.
DataRails offers a cloud-based suite of advanced financial solutions. Clients can continue to use their Excel and existing models whilst transforming it into a powerful system connected to the organisation data infrastructure, it claims.
The platform collects data from Excel files spread across a business, as well as cloud platforms, and puts them into a database that is updated in real-time.
Finance teams can use the system through a data dashboard to easily build real-time graphs and presentations.
In 2020, the FinTech grew its annual recurring revenue fivefold. It also launched a new product that helps CFOs at small and medium-sized businesses access financial planning and analysis tools.
DataRails founder and CEO Didi Gurfinkel 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.”
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