Israel based startup company, DataRails, recently announced raising $6 million in Series A. The round was led by Vertex Ventures, with additional participation from existing investors Cyrus Angel Fund, Joey Low, and Oryzn Capital.
The company was founded by CEO Didi Gurfinkel, CEO Eyal Cohen, and CTO Oded Har-Tal in 2015. DataRails currently employs 20 people and is a graduate of the Microsoft Accelerator in Tel Aviv.
DataRails makes an upgrade to Excel that makes it into a smart spreadsheet management and organizational tool. This helps solve a problem among organizations worldwide – the cumbersome nature of working with spreadsheets in Excel.
Even with many enterprise software options, a lot of companies use Excel, as both an electronic spreadsheet and as a system for managing business-critical processes across the company. It is specially tailored for finance, inventory, and human resources.
As it stands now, employees create spreadsheets which are shared with each other, copy and paste tables between versions, make changes, and resent updated sheets. Then this goes on repeatedly, which makes it difficult to consolidate information and track versions, which can lead to errors and inefficiency.
DataRails uses a unique algorithm which can analyze and extract complex and unstructured data in files and then convert that data into structured data that can be sent to a database in the cloud. By doing this, they also ensure that the DataRails system can be integrated easily with other enterprise systems in use now or in the future.
Essentially, users can continue to work in Excel, but with added capabilities. Users may consolidate data from various Excel files, view changes and updates in a visual way, and compare documents. The system also helps to prevent any errors by gathering data and understanding what is updated in real time.
Vertex Ventures is a global network of funds with teams based in China, Israel, South Asia, and the United States. The company has relationships with various Global 2000 companies who act as partners and revenues on their portfolio. The sectors they work and invest in include 3D printing, e-commerce, enterprise, hardware, information technology, IoT, manufacturing, mobile, and SaaS.
Cyrus Angel Fund operates as an angel fund that finances early seed startups. They focus on the sectors of consuming Internet, SaaS, and other software ventures. The most recent company they have invested in, other than DataRails, is SimpleOrder.
Joey Low is the founder of Star Farm Ventures, which is an early state investing incubator looking to bring Israeli startups to the United States Market. Joey is also the founder of the Israel at Heart Fellowship Program.
Oryzn Capital is an early-stage venture capital firm that invests in Israeli teams working on the innovative technology. They mostly focus on the cloud, e-commerce, mobile, and Internet sectors. They have recently invested in FeedVisor and OwnBackup.
DataRails will be using the funding that has been received to open a New York Office, expand its worldwide customer base, and strengthen product development.