DataRails, which provides financial planning and analysis (FP&A) software for small- to medium-sized businesses (SMBs), raised $25 million in a Series A extension. The infusion follows DataRails landing $18.5 million in April of this year, bringing the round total to $43.5 million, according to a Monday (June 21) announcement.
The further investment will be harnessed to handle DataRail’s quick growth, according to the announcement, which noted that the Tel Aviv, Israel-based company was established in 2015.
DataRails Co-Founder and CEO Didi Gurfinkel said in the announcement that the company was in a position during the last year to assist a number of SMBs traversing the challenges of financial reporting and provide value to its clients and financial backers, “even as a pandemic and the resulting economic instability presented significant obstacles.”
“Our existing investors recognized the immense potential that DataRails has to offer, and this additional funding is a vote of confidence that will help to expand the reach of our FP&A solution throughout North America and the U.K., as well bring in new recruits across to manage the rising demand,” Gurfinkel said in the announcement.
The cloud-based technology of DataRails digitizes the flow of bringing together financial data and generating insights from that information — in addition to reporting — without modifying the fashion in which users work, the announcement stated.
FP&A analysts, in addition to other individuals who work in finance, can probe their data to take away the kind of insights that they weren’t able to get in the past and receive a “360-degree view of all unified organizational data” as they keep working in Excel as they are accustomed to, according to the announcement.
Long prior to the great enterprise digitization boom of last year, entities that were pushing forward in their modernization blueprints increasingly encountered a challenge, as PYMNTS previously reported.
Even though the adoption of electronic platforms and digitized solutions can power efficiencies in the back office, workforces are increasingly encountering data fatigue. Those who work in finance departments now have vast quantities of valuable information easily accessible, but they may not know how to use it or how to make sense of it.