Flat file, a startup that develops a platform that uses AI and machine learning to analyze spreadsheets, today announced that it has raised $ 7.6 million in equity funding. The funding coincides with the launch of Concierge, Flatfile's newest product, which focuses on onboarding data for large companies and was launched in a private preview earlier this year.
Companies regularly participate in the process of onboarding data, in which a customer's data is recorded, anonymized, reconciled and distributed. According to IDC80% of this data will be unstructured by 2025, meaning that it has attributes that make it difficult to find and analyze. This is expected to contribute to the widespread problem of underuse of data. (Forester reports that between 60% and 73% of the data is within a company not currently used for analytics.)
Flatfile offers products that focus on solving data onboarding dilemmas. Via the portal platform, which learns over time how data from comma-separated value files, Microsoft Excel tables and manually inserted text should be organized, users can set a target model for validation and compare incoming values. (Flat file indicates that the accuracy of the first column matches for new users is over 95%.)
Portal offers a validation function that enables control over the formatting of data and supports functions for the inline transformation with automatic comparison of imported columns. It is designed to be deployed either in the cloud or on-premises, in accordance with regulations such as the Health Insurance Portability and Accountability Act (HIPAA) and the European GDPR.
Flatfile's concierge service is a no-code tool that developers can use to set up data models and share and collaborate on imports without having to hand back spreadsheets. It provides a compiled view of all data imports with details such as versions, status, owners and validation errors, as well as authenticated login for every employee and an approval process to ensure that users have control over onboarding.
Flatfile has strong competition from Textract, Amazon's service that can automatically extract text and data from scanned documents (including those stored in spreadsheets), and Cloud Natural Language, Google's tool, which uses the AI used by Google Search and Google Assistant to perform syntax and tuning, and entity analysis for existing files. Microsoft offers its own data onboarding tool, Form Recognizer, an Azure product that retrieves text, key-values, tables, and more from documents.
According to Flatfile, more than 300 million data lines and 4.5 billion data points have been transformed for more than 187 companies in the two years since it started, including ClickUp, Blackbaud, Benevity, Housecall Pro, Hubspot and Toast. Flatfile added that sales have increased five-fold since the beginning of the year as the number of daily end users has increased to 2,000.
"Flatfile is looking for the highest point of friction when launching new software," David Boskovic, co-founder and CEO of Flatfile, told VentureBeat via email. “Moving data to a new product can take months or years for many companies. We enable software companies to automate the entire process, drive growth and shorten lead times for each business. "
Two Sigma Ventures led the launch round announced earlier this week, involving previous investors including Afore Capital, Designer Fund and Gradient Ventures (Google's AI-focused risk fund). This round brings the Denver, Colorado-based company to $ 9.7 million after a starting round of $ 2 million in September 2019. Flatfile expects to increase its workforce from 14 to 30 by the end of the year.