$18M in Series A investment for Coefficient gives rise to a bright future for smarter spreadsheets
Coefficient, provider of real-time data connectivity and automation in spreadsheets, is announcing their $18 million Series A investment led by Battery Ventures, a global technology investment firm, seeing participation from investors Foundation Capital and S28 Capital. The investment will serve to empower Coefficient’s expansion of product offerings, as well as widening its global operations reach.
With more than one billion users worldwide employing spreadsheets for their data needs, Coefficient seized the opportunity to enhance spreadsheets’ now archaic and isolated capabilities, according to the vendor. By instilling connectivity to live and automated data from respective systems, Coefficient makes spreadsheets smarter.
“Business users are more effective in spreadsheets than nearly any other product. However, these non-technical business teams today often are forced to resort to archaic methods of managing data: requesting frequent updates from technical data teams or exporting raw data from BI dashboards or CRMs to perform repeat manual analysis,” said Navneet Loiwal, Coefficient’s co-founder and CEO. “We want to enable business users to continue to work in spreadsheet formats while leveraging live, automated data from their most important systems.”
Today, Coefficient manifests as a Google Sheets add-on that integrates with CRMs, SQL databases, and various other SaaS tools to allow import and manipulation of data into the spreadsheets. The solution aids in deriving insights from data, enabling users to build, share, and automate live reports, as well as configure alerts and write back enriched data to SaaS tools.
“Our smart-spreadsheet tools are the missing puzzle piece in the modern data stack: meeting business users exactly where they are and enabling business leaders and their teams to operate more efficiently and effectively,” continued Loiwal.
Coefficient is also unveiling its Spreadsheet Template Gallery, providing a library of business operations templates for spreadsheet dashboards.
The recent investment will further be leveraged by Coefficient to integrate data and reporting automation tools with Microsoft Excel, expanding its reach to a plethora of users.
“Every BI platform promises the democratization of data, yet none are quite able to deliver,” added Sudheendra Chilappagari, VP at 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 by meeting them where they live: inside spreadsheets.”
For more information about Coefficient and their investment milestone, please visit https://coefficient.io/.