The provider of financial modeling and analytical software, Jedox has released a news on their official website that they have started a new funding round, in which they have raised more than $100 million capital. The fund was secured from Insight Partners along with the existing investors e CAPITAL, Iris Capital and Weaken and Cie.
It was said by the CEO of Jedox that till now around $150 million has been raised by the company and the majority of investment was secured from Insight Investments. However the exact raised amount was still kept private by the company and so was the total valuation.
The company was founded by Kristian Raue and Gabriel Raue in 2002 which works for the simplification of the planning, analyzation, budgeting and reporting with an integrated cloud based software. Microsoft Excel based interface do this work.
The tools of Jedox are purposely built for the financial leaders.
The finance professionals became able to amalgamate to every department by the public and private offerings, which led to simplify the corporate planning by bringing the Artificial Intelligence and advanced analytics into play.
Freiburg im Breisgau, Germany headquartered cloud based EMP solution Jedox is on its journey to provide the best ever technology to figure out the planning and analysis of the global economy.
The organizations of today’s ultra modernized world are relying on the technologies for figuring out the best period of time which will be the thundering period for the global economy. They even want the exact prediction of that week, month or year that will help them to achieve the thunderous growth for their organization and Jedox is the company that is working to provide them these beneficiaries.
Originally, the software of the company was developed to work in the cloud or on-premises and mainly for the financial planners, as stated above but over the last few years the roots of Jedox expanded to a wider extent and they started to work in the HR planning and procurement.
Purpose of Raising the Funds
Jedox plans to deploy the raw capital in enlarging the footprints of the company, enhancing their cloud based service, to scale their product innovation team, to support the customers of beyond the geographies and to increase the customer success they want to increase their investment in that also.
The CEO of Jedox, Mr. Florian Winter stein, who was appointed as the CEO of Jedox in 2018, said that they want to focus on more departments other than the finance and the company considers the Financial Planning and Analysis, which is also called as FP&A as XPNA.
He explains that the name Jedox doesn’t have any meaning in itself and the company has landed its focus on the ‘X’, which means that everyone in the company is working to expand the footprints beyond the original verticals of Jedox, which is finance.
Jedox has mirrored the cloud world with the real AI.
Winterstein explained about the AI in a statement saying that he gets annoyed in the understanding of the actual meaning of an AI when he is brought up like this. People are just doing their simple predictions and statistical modeling, which is not AI at all.
He then quickly said that ‘everything we do, is not an AI’ and added that if we look at the customers, out of 2,500 roughly 100 customers are using the AI in real life and another 2,400 are just using the imagined form of AI made by the other people. In 2018, Jedox raised 20 Million Euros in a venture round led by e CAPITALS and Iris Capitals and had also done many venture rounds since founded in 2002.
Conclusion
Jedox, the financial modeling and analytical software provider leader, held a news equity funding round and became successful in securing more than $100 million fund. The lead investor is Insight Capital and some existing investors eCAPITAL, Iris Capital and Wecken and Cie are participating in this round. The company wants to use the fund in strengthening their footprints around the globe and also want to expand their services beyond the financing.
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Insight Partners is the led investor of this round funding.
Yes, existing investors eCAPITAL, Iris Capital and Wecken and Cie participated in this round.
The exact amount was not revealed by the company. They just said that more than $100 million was raised by them.
No, it was also not disclosed by the company.
The company said to use the fund in strengthening their footprints around the globe and also to expand their services beyond the financing.
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