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As organizations continue to embrace digital transformation across the enterprise ecosystem, finance industry leaders are gaining more and more momentum in the race for the digital future. Gartner reports that business leaders expect that by 2026 digital technologies will make a dramatic transformation in their industry. When CFOs try to digitize finance, aligning digital strategies with business results is a new challenge.
Detereils, a New York-based AI-enabled financial planning and analysis platform for Excel users, today raised $ 50 million in a bid to revolutionize CFO’s office. The AI-powered company claims that its unique approach allows CFOs to take full advantage of the new technology while minimizing disruptions in the workflow.
In a press release, the company claims that it leverages AI and machine learning capabilities to provide real-time financial aggregation and advanced data visualization through intuitive and easy implementation. Many finance teams often collect manually and collect data for major reports such as budget, profit and loss statements (P&Ls), balance sheets and end-of-month reporting, but DataRails says its automation-based platform allows finance teams to be faster and more efficient. Helps to become.
Facilitate financial operations with automation
Didi Gurfinkle, co-founder and CEO of DataRails, said 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 added that this reflects a huge need for real-time integration, collaboration and extraction of financial insights.
The company says it uses a cloud-based centralized database that enables real-time consolidation of individual financial and operational data from across the company so that teams can enjoy the flexibility and power of Excel.
Sivan Shamari Dahan, managing partner of Kumara Capital, agrees with Gurfinkel and says that Deterels is leading the transformation of financial team operations by empowering teams in every organization with deep business intelligence (BI) capabilities.
“For the first time, all financial data is uploaded to the cloud, which provides consistent agility and content sharing,” Dahan said.
While Gurfinkle said that Datarels has experienced tremendous growth that makes the company suitable for the best product-market, Datarels is not the only company that does not automate time-consuming manual processes for finance teams. The G2 review list shows that DataRails is competing in Vena, “the original Excel full planning platform.” Other competitors include Planfull, Blackline, Flowcast and Profix software, which “automate critical financial and operational processes.”
How DataRails will invest funds
In line with DataRails’ vision to dominate the financial planning and analytics software market, the company will use the extra capital to expand its global customer base and invest more in R&D as well as sales and marketing.
The fund – which is the third investment round in the last 12 months – is expected to grow fivefold in 2021.
The fund was led by Kumara Capital with the participation of new and existing investors.
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