Jedox is a Germany-based startup that creates tools to enable companies with financial planning and analysis by using the data sourced from the documents like spreadsheets etc. The startup has recently raised over $100 million in a funding round led by Insight Partners, along with Iris Capital, eCAPITAL, and Wecken & Cie.
Nowadays, organizations rely on technology to help them figure out trends and predict the future. This is why the recent raise secured by Jedox can help them tap into that opportunity. The company is currently catering to around 2,500 customers, including big players like Microsoft, McDonald’s, and ABB. Amy Albano, the CEO & Marketing Director of Fast People Finder, said that Jedox is a Germany-based startup that specializes on tools to enable companies with financial planning and analysis by using the data sourced from the documents like spreadsheets etc.
The company originally built software that worked on-premises or in the cloud. The tools were specifically oriented toward financial planners. However, over time, Jedox has expanded its functioning to a wider set of adjacent users, like HR and procurement. With the current raise, the company plans to expand its financial modeling and analytics software to more verticals. Florian Winterstein company’s CEO who joined in 2018 says that they are focusing on more than just the finance department. According to him, there are already 20-25 algorithms out there. Thus, instead of creating a new one, the company is looking to tap AI services provided by Google, Microsoft, and others. This is supposed to run on a backbone built by Jedox.
To date, Jedox has raised around $150 million. The USP of the company is that it offers a differentiated approach to financial planning. The flexible approach, familiar Excel-based interface, and focus on the customer is not just effective, but also user-friendly. Jeff Lieberman, MD at Insight Partners, also stated that along with the Jedox team they plan to bring market-leading cloud planning tools that can help every business vertical across the globe. According to the reports, another MD at Insight Partners, and Henry Frankievich, are to join the board of directors with the current funding round.