Coefficient nabs $6.7M to bring real-time data to spreadsheets
Coefficient, a no-code solution that allows businesses to connect real-time data with spreadsheets, today announced it has raised $6.7 million in seed funding led by Foundation Capital.
S28 Capital also participated in the round alongside many other angel investors, including Eric Yuan, chief executive of Zoom, and Kedar Doshi, executive vice president of Salesforce Einstein Analytics.
Coefficient’s vision is to modernize the spreadsheet by automating and connecting the tool to every data source in the company in real time. Using its technology, users can see what’s changing, as it happens, and be part of the action with collaborative workflows and two-way data connectivity to cloud systems, all from their spreadsheet.
“We are on a mission to empower every business user to build automations and workflows on live data from their company’s data silos, without any knowledge of advanced tools, programming or query languages,” said Coefficient co-founder and CEO Navneet Loiwal.
The platform brings together real-time data from systems such as Salesforce, HubSpot, Snowflake, Tableau, Looker and more without the need for any coding or SQL knowledge. As a result, Coefficient empowers a billion plus users worldwide using spreadsheets to draw powerful insights from external data sources they were already using.
By providing users access to these sources through a unified data layer, in a manner which they were already accustomed to — via spreadsheets — and at a lower technical barrier, the platform is designed to permit users to explore, query and analyze the data in ways that otherwise might remain opaque.
“Coefficient is the next, long overdue evolution of the spreadsheet, one that is automated, optimized and connected to any popular software-as-a-service system,” said Loiwal. “Nearly every corporate worker uses spreadsheets on a daily basis, and for the first time, they can integrate meaningful data in a user-friendly way.”
The company believes that many business teams are looking for better ways to handle data and automate manual processes. However, they spend too much time trying to steer users away from spreadsheets, burning through many hours and resources when with a solution such as Coefficient the spreadsheet itself could be modernized to become the go-to tool.
”Coefficient is effectively building the modern data stack for business teams,” said Ashu Garg, partner at Foundation Capital. “Spreadsheets have seen little in the way of innovation for the last 30 years, and Coefficient is turning them into a powerful operating system connected to a company’s systems.”
Coefficient’s platform is already being used at companies such as Uber Technologies Inc., Spotify Technology SA, Unity Software Inc., Klaviyo Inc. and Contentful GmbH to build dashboards, collaborative workflows and internal apps with real-time cloud data connectivity.
The company said that it would use the funds for research and development to enhance its core product offering, as well as expand its hiring across all departments.
A message from John Furrier, co-founder of SiliconANGLE:
Show your support for our mission by joining our Cube Club and Cube Event Community of experts. Join the community that includes Amazon Web Services and Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger and many more luminaries and experts.
We really want to hear from you, and we’re looking forward to seeing you at the event and in theCUBE Club.