Financial Analytics software
Updated: June 22, 2021
2021. DataRails books $25M to build better financial reporting tools for SMBs
Israeli startup called DataRails has raised $25 million to continue building out a platform that lets SMBs use Excel to run financial planning and analytics like their larger counterparts. DataRails has built a platform that can read the reported information, which typically already lives in Excel spreadsheets, and automatically translate it into a bigger picture view of the company. For SMEs, Excel is such a central piece of software, yet such a pain point for its lack of extensibility and function, that this predicament was actually the germination of starting DataRails in the first place,
2021. Cube raises $10M more to help companies plan their financial future
Cube, a startup that builds financial planning and analysis software for the mid-market, announced that it has raised a $10 million Series A. Cube wants to build software for FP&A work that at once isn’t awful, and doesn’t require companies to stop using spreadsheets. The company’s software absorbs information from a company’s general ledger (accounting software), CRM (Zoho CRM, perhaps) and payroll service into one location. From there, CFOs and their team can view the past and sketch their financial future using a few different viewing methods, including the venerable spreadsheet.
2021. Mosaic raises $18.5M to rebuild the CFO software stack
Startup Mosaic that builds a “strategic finance platform” software has raises $18.5M Series A. The platform is designed to ingest data from all sorts of systems in the alphabet soup of enterprise IT — ERPs, HRISs, CRMs, etc. — and then provide CFOs and their teams with strategic planning tools to be able to predict and forecast with better accuracy and with speed. Mosaic is trying to do to rebuild the CFO software stack. It wants to build a platform that is a gateway to connecting the entire company to discuss finance in a more collaborative fashion. So while Mosaic focuses on reporting and planning, the mainstays of the finance office, it wants to open those dashboards and forecasts wider into the company so more people can have insight into what’s going on and also give feedback to the CFO.
2021. Jedox raises $100M to expand its financial modeling and analytics software to more verticals
Jedox, a German startup that builds tools to help companies with their financial planning and analysis using data sourced from basic documents like Excel spreadsheets, has picked up a funding of over $100M. The company’s software was originally built to work on-premises or in the cloud, and mainly oriented toward financial planners. Over the last several years, Jedox has expanded that to a wider set of adjacent users, specifically in HR planning and procurement, and the plan with this funding is to expand Jedox’s applicability into an even wider set of use cases and verticals.
2020. Cube closes $5M Seed round to scale its financial planning software
Cube, the software startup, focused on financial planning and analysis (FP&A) work, has closed a Seed round worth just over $5 million. FP&A is a business process where there are still too many old-fashioned spreadsheets and Cube wants to replace them. What Cube does is collect information from a company’s general ledger (think Quickbooks), CRM (say, Salesforce), and HRIS (ADP, perhaps) into a single repository. From there the company’s FP&A denizens can control and sort the data, viewing it using Cube’s own visualization tool, spreadsheets, or web interface. Pricing for the company’s service starts at $850 per month, and goes up from there (the startup also offers a discounted startup plan).
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.