Foundation Capital Leads Round to Power the Future of Data Productivity for Business Teams
Coefficient, the no-code solution enabling business teams to work with real-time data directly from spreadsheets, announced it has raised $6.7M in seed funding led by Foundation Capital with participation from S28 Capital and many angel investors, notably including Eric Yuan, CEO of Zoom, and Kedar Doshi, EVP, Salesforce Einstein Analytics.
Coefficient is building the next evolution of the spreadsheet, one that is automated and connected to each company’s data sources. Already being used by the likes of Uber, Spotify, Unity, Klaviyo, Miro and Contentful, the firm is seeking to equip all users with the tools to build dashboards, collaborative workflows and internal apps with two-way data connectivity to their cloud systems, all from their spreadsheet. The funds will primarily be used for research and development to enhance its core product offering, as well as ramp up hiring across all functions.
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“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 co-founder and CEO, Navneet Loiwal. “Coefficient is the next, long overdue evolution of the spreadsheet, one that is automated, optimized and connected to any popular SaaS system. 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.”
Coefficient leverages the power and flexibility of the spreadsheet to allow citizen data analysts the ability to work with real-time data from systems like Salesforce, HubSpot, Snowflake, Tableau, Looker and more, without any coding or SQL. Coefficient empowers the billion plus users worldwide using spreadsheets daily to glean powerful insights from the external data sources they’re already using. By giving users a unified data access layer to company systems, Coefficient allows users to explore, query, analyze and drive insights from otherwise siloed data sets.
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“We’re thrilled to put our support behind the Coefficient team to help them on their mission to revolutionize the way businesses leverage spreadsheets,” said Ashu Garg, Genearl Partner at Foundation Capital. “Coefficient is effectively building the modern data stack for business teams. 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.”
Business teams are starving for a better way to work with data and automate manual processes. Many companies spend countless hours and resources introducing products to get their employees out of spreadsheets, instead of just simply meeting users where they are most effective – in their spreadsheets. Coefficient’s technology empowers companies to access the data they need in just a few clicks without writing code or introducing new products and learning curves. With the support of its new investors, Coefficient is leading the next evolution of the spreadsheet, making it into an interactive canvas for building and running real-time data workflows.
