DataRails raises US$ 25M

Israel-based DataRails, a financial solution designed for SMEs that automates monthly and quarterly reporting processes, raised US$ 25M as a part of its Series A funding on 21 June 2021.

Investors: Zeev Ventures, Vertex Ventures Israel and Innovation Endeavors and Vintage Investment Partners. The startup has raised US$ 55 million in funding to date.

About DataRails

DataRails

Founded in 2015 by Didi Gurfinkel, Eyal Cohen and Oded Har-Tal, DataRails is a financial solution designed for SMEs that turns manual monthly and quarterly reporting processes into automated ones. It allows organizations to move towards working with a cloud-based financial product, while end-users continue working on their usual Excel files. It connects all organizational systems including ERP, CRM, HRIS and complex Excel files, consolidating all of this data in one cloud-based database.

DataRails automates various financial transformations including FX conversions, eliminations, hierarchies, financial adjustments and more. It allows finance professionals to conduct advanced investigations into their data to extract formerly unattainable insights. They also get a 360-degree view of all unified organizational data all while continuing to work in Excel like before.

The startup realized that the businesses that manage finances and financial reporting are lacking the necessary tools to look at the data from available software and apps in a holistic way. Excel being a default application for many of them, they are simply reading lots of individual spreadsheets rather than integrated data analytics based on the numbers. To solve this problem, DataRails built its platform that can read the reported information and automatically translate it into a bigger picture view of the company.

What the CEO has to say: “We started the company with a vision to save the world from Excel spreadsheets by taking them and helping to connect the data contained within them to a structured database. The core of our technology knows how to take unstructured data and map that to a central database.” — Didi Gurfinkel, the CEO of DataRails.

What the investors have to say: “We’re thrilled to reinvest in DataRails and continue working with the team to help them navigate their recent explosive and rapid growth. With innovative yet accessible technology and a tremendous untapped market opportunity, DataRails is primed to scale and become the leading FP&A solution for SMEs everywhere.” — Yanai Oron, general partner at Vertex Ventures.

“Businesses are constantly about to start, in the midst of, or have just finished a round of financial reporting, it’s a never-ending cycle. But with DataRails, FP&A can be simple, streamlined, and effective, and that’s a vision we’ll come back to again and again.” — Oren Zeev, founding partner at Zeev Ventures.

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Komal writes about the startup ecosystem on VCBay. She is an Economics Hons. graduate from Miranda House, Delhi University, and is passionate about the world of entrepreneurship and finance.

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