DataRails, a Tel Aviv, Israel-based company that is transforming Excel into a smart organizational tool, raised a $6m in Series A funding.
The round, which brings total funding to date to $7m, was led by Vertex Ventures, with participation from existing investors Cyrus Angel Fund, Oryzn Capital and Joey Low.
The company intends to use the funds to open offices in New York, strengthen product development and build its worldwide customer portfolio.
Founded by Didi Gurfinkel, Eyal Cohen and Oded Har-Tal in 2015, DataRails provides an algorithm based solution capable of extracting and analyzing complex and unstructured data (including formulas) found in Excel files, and converting the data into structured information that can be entered into a database in the cloud.
With DataRails, users continue working in Excel but are given new capabilities to consolidate data from different Excel files, visually view changes and logical updates over time and compare Excel documents.
The system can be integrated with other enterprise systems.
The company is a graduate of the Microsoft Accelerator and currently has a headcount of twenty.