Financial Analytics software
Updated: July 26, 2020
2020. Quantexa raises $64.7M to bring big data intelligence to risk analysis and investigations
Quantexa - the company that built a machine learning platform branded “Contextual Decision Intelligence” (CDI) that analyses disparate data points to get better insight into nefarious activity, as well as to (more productively) build better profiles of a company’s entire customer base - has picked up $64.7 million, a Series C. The startup built its business on the back of doing work for major banks and others in the financial services sector, and the plan will be to continue enhancing tools for that vertical while also expanding into two growing opportunities: working with insurance and government/public sector organizations.
2019. Cash Flow Tracking software Tesorio raised $10M
Tesorio, a startup that helps businesses aggregate and analyze their cash flow data, has raised a $10 million Series A. The company is tackling an interesting market that is surprisingly underserved, given that every company likely wants to be able to track its cash flow as closely as possible. In most companies, though, that’s still done with the help of Excel spreadsheets. Tesorio helps businesses aggregate all of their cash flow — in some ways, you can think of it as a Mint for businesses — and then runs its AI models over it to predict a company’s overall financial health. Current customers include the likes of Veeva Systems, Box and WP Engine.
2019. AppZen raised $50M to build AI for financial analysis
AppZen, the startup which builds AI-powered tools to automate functions within the finance department, has raised another $50 million. To date, AppZen’s biggest product has been a service that automatically audits expenses — comparing, for example, an employee’s charges with travel that person has undertaken (along with many other data points) to see if the charges match up; as well as making sure the expenses are compliant with company policies and raising flags when they are not. This is the product that has won the company a ton of clients, including Amazon, Nvidia, Salesforce, three of the top 10 banks in the U.S.
2018. Workday acquired financial modelling startup Adaptive Insights
Cloud-based HRM service Workday is buying Adaptive Insights, a provider of cloud-based business planning and financial modeling tools, for $1.55 billion. For Workday it's an attempt to become the go-to place for all for back-office services for its business customers: the company plans to integrate Adaptive Insights’ tools into its existing platform. Adaptive Insights has thousands of customers, and its growth mirrors that both of cloud services and specifically about how business intelligence has developed into a distinct software category of its own over the years, with not just the CFO but an army of in-house analysts relying on analytics of a business’ data to help make small and big decisions.
2015. FinancialForce cloud ERP raises $110M to take on SAP and Oracle
FinancialForce, the cloud ERP built on top of the Salesforce1 platform, announced a new round of funding, landing $110M in additional investment. As the cloud matures, we are seeing more back off functions like ERP moving to the cloud and beginning to gain traction. Up until now, it’s a market that has been dominated by the usual suspects SAP, Oracle and Microsoft, but cloud players like FinancialForce and NetSuite are beginning to make some noise. FinancialForce itself is an interesting player. FinancialForce is built on Force.com and certainly sells itself as the logical ERP product for Salesforce customers. It has gone beyond this, however. While FinancialForce still works admirably well with Salesforce customers, it is a credible offering in its own right.