Rows has raised 8 million euros (about $8.7 million) to expand its cloud-based, artificial intelligence (AI)-powered spreadsheet app.
“There's never been a better time to build the future of spreadsheets,” the company said in a LinkedIn post on Friday (May 24).
Indigo Capital Partners, the venture capital firm that led the funding round, said in a press release that Lowe's will use the new funding to continue accelerating data integration, strengthening its AI capabilities and expanding its business in its largest markets, including the United States, the United Kingdom and Europe.
Founded in 2017 by Torben Schulz and Humberto Ayres Pereira, Rows offers fast data import, AI analysts to extract learnings from data, and collaborative sharing capabilities, according to a release.
The company aims to solve the challenges business and marketing professionals often face when storing data in the cloud, such as efficiently loading, analyzing and sharing data, the release said.
With each release, the Rows spreadsheet app offers native integration with a wide range of marketing and business tools, an AI analyst with a simple interface, and sleek, beautifully designed spreadsheets.
“Our latest funding round is a testament to the innovation and growing demand for Rows' unique approach to spreadsheets,” Indico Capital Partners said in a release. “With the new capital and an impressive roster of investors, Rows is poised to accelerate its mission to transform data workflows for business and marketing professionals.”
“We've had our eye on the company since its inception, and now is the perfect time to get involved and add our knowledge and network to enhance the offering and significantly expand distribution on a global scale,” Stephan Morais, managing general partner at Indico Capital Partners, said in a press release.
PYMNTS Intelligence found that next-generation automation tools are rapidly entering the world of spreadsheets to support the Chief Financial Officer’s (CFO) role, particularly as it relates to digitizing documents and automating workflows.
For example, according to a joint PYMNTS Intelligence and Airbase study, “Improving Financial Performance: Speed of Expense Management System Adoption,” eight in 10 content management companies that do not currently have an automated non-payroll expense management system in place report that they are “very interested” in doing so.
