Venture Capital

Coefficient Raises $6.7 Million Seed Funding

MOUNTAIN VIEW — Coefficient, a developer of a no-code solution enabling business teams to work with real-time data directly from spreadsheets, has raised $6.7 million in seed funding led by Foundation Capital with participation from S28 Capital and 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. Coefficient empowers anyone in a company to build reports and workflows that are real-time, flexible and accurate without any knowledge of SQL or other advanced tools.  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.

“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 SalesforceHubSpotSnowflakeTableauLooker 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.

“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.”