Coherent, a global no-code software-as-a-service (SaaS) provider, has raised $75m in Series B funding.
The round was led by Maverick Capital, including Maverick Ventures, with participation from Owl Rock, a Blue Owl division, GreatPoint Ventures, and existing investors Cathay Innovation and Franklin Templeton. Coherent’s total funding now amounts to $89m.
Coherent said it is redefining how business and IT teams build software together.
Coherent’s core technology Spark automatically converts any business logic within a spreadsheet – such as rules, formulas, and data models – into an Application Programming Interface (API) that can easily connect to other front and back-end applications. Spark’s no-code service delivers in minutes what takes months with the current business software development cycle.
As a result, Spark said it not only maximizes the impact of existing investments in intellectual capital, tools, and employee expertise, but also frees up already stretched IT teams to focus their specialized and scarce resources on truly innovating for the business.
Coherent said the funding will support its continued expansion across the global insurance industry and capitalise on the momentum in new industry vertical, such as capital markets, banking and asset management. The investment will also allow the company to meet increasing demand by fuelling the growth of product, engineering and sales teams in the US and Asia Pacific regions.
John Brisco, CEO and co-founder of Coherent, said, “Thriving in today’s digital economy requires re-imagining the process of building business software by empowering existing employees with tools they know, instead of replacing or retraining them as programmers.
“With Coherent Spark, coders and non-coders alike can accelerate digital transformation and cloud migration programmes. Customers have slashed their time to market to days instead of months – realising immediate return-on-investment, and most importantly, the ability to respond faster to their customers.”
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