Coefficient, a computer software startup based in Palo Alto, has secured $6.7 Million in Seed funding to transform Spreadsheets into a fully functional “operating system”.
The funding round was 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. Ashu Garg, General Partner at Foundation Capital, said about the round:
“We’re thrilled to put our support behind the Coefficient team to help them on their mission to revolutionize the way businesses leverage spreadsheets. 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.”
Since its founding in 2020. Coefficient has been working on developing a no-code solution that facilitates the importing of data from different sources into spreadsheets. While existing platforms allow some degree of integration, enterprises have historically been unable to work with live data directly from the spreadsheet. The result is a high degree of automation for the reporting and creation of workflows with no need for programming or SQL knowledge. Navneet Loiwal, Coefficient’s Co-founder and CEO, referred to this approach by stating:
“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. 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’s platform has already been used by companies like Uber, Spotify, Unity, Klaviyo, Miro, and Contentfull, which has allowed the startup to experience rapid growth over the past years. The new funding will be used to accelerate R&D efforts to further improve the platform, as well as to expand its team to meet the increasing demand.
