Aleph has emerged from stealth with $16.7m in financing for developing a next-generation financial planning and analysis (FP&A) platform.
The funding round was led by Bain Capital’s venture capital division Bain Capital Ventures (BCV).
It also had participation from the company’s existing investors Khosla Ventures, Y Combinator, Picus Capital, as well as angel investors and current customers.
Aleph intends to utilise the funds to become the comprehensive data platform for finance teams by harnessing the power of artificial intelligence (AI) for the accuracy and speed of financial reporting.
It also aims to introduce collaboration features for non-finance stakeholders.
Founded in 2020, Aleph serves as one repository for all financial data.
The firm enables finance and operations teams to rapidly integrate all of their sources of data into a central database.
Once data is consolidated, the spreadsheet add-ins in Aleph’s interface meet finance individuals where they want to be while offering a frictionless interaction with data. Aleph enhances this with AI-assisted dashboards and a real-time web application for collaborative planning, simplifying teamwork with other departments.
The firm claims to sync spreadsheet models with data from more than 150 integrations, eliminating the need to export data from multiple sources.
According to Aleph, businesses will be able to automate financial models and streamline budgeting and forecasting with the fastest-to-implement financial planning and analysis platform.
Aleph CEO and co-founder Albert Gozzi said: “The ultimate way to help finance professionals is to give them the best of both worlds – the flexibility and familiarity of Excel with the centralisation, power, and scale of a web app.
“We’ll keep listening to our customers and build exactly what finance teams need to double or triple their output without hiring.”
