Coefficient, provider of real-time data connectivity and automation in spreadsheets, announces its $18 million Series A investment led by Battery Ventures, a global technology investment firm, featuring investors Foundation Capital and S28 Capital. The investment will serve to enhance the expansion of Coefficient’s product offerings as well as broaden the reach of its global operations.
With more than a billion users worldwide using spreadsheets for their data needs, Coefficient has seized the opportunity to enhance the now archaic and isolated functionality of spreadsheets, according to the vendor. By instilling connectivity to real-time and automated data from respective systems, Coefficient makes spreadsheets smarter.
“Business users are more effective at spreadsheets than almost any other product. However, these non-technical business teams today are often forced to fall back on archaic data management methods – requesting frequent updates from technical data teams or exporting raw data from BI or CRM dashboards to perform repeated manual analysis,” said Navneet Loiwal, Coefficient co.-Founder & CEO “We want to enable business users to continue working in spreadsheet formats while leveraging real-time automated data from their most important systems.”
Today, Coefficient manifests itself as a Google Sheets add-on that integrates with CRM, SQL databases, and various other SaaS tools to enable data import and manipulation in spreadsheets. The solution helps derive insights from data, allowing users to create, share and automate real-time reports, as well as configure alerts and rewrite enriched data into SaaS tools.
“Our smart spreadsheet tools are the missing piece of the puzzle in the modern data stack – satisfying business users right where they are, and enabling business leaders and their teams to operate more efficiently and effectively,” he continued. Loiwal.
Coefficient is also unveiling its spreadsheet template gallery, providing a library of business operations templates for spreadsheet dashboards.
The recent investment will be further leveraged by Coefficient to integrate data and report automation tools with Microsoft Excel, expanding its reach to a plethora of users.
“Every BI platform promises data democratization, but none can deliver it,” added Sudheendra Chilappagari, vice president of Battery Ventures. “Business users are analytically sharp but lack the technical skills to work with data platforms and the Coefficient team understands this well. The Coefficient platform brings the concepts of BI and data automation to business users where they live: inside spreadsheets.
For more information about Coefficient and their investment milestone, visit https://coefficient.io/.