The brand of the spreadsheet software program Microsoft Excel is proven on the show of a smartphone.
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French enterprise planning software program startup Pigment has raised $88 million in a funding spherical led by ICONIQ, the personal funding fund that manages the cash of tech billionaires resembling Mark Zuckerberg and Jack Dorsey.
Pigment is finest recognized for its enterprise planning and forecasting platform that is designed to be extra user-friendly than Microsoft’s spreadsheet software program Excel.
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The firm, co-founded and helmed by twin CEOs Eleonore Crespo and Romain Niccoli, advised CNBC it deliberate to make use of the funding to increase its attain within the U.S. and synthetic intelligence.
Venture capital corporations Felix Capital, Meritech, IVP, and FirstMark additionally participated within the funding spherical.
Pigment counts the likes of Klarna, Miro and Tommy Hilfiger proprietor PVH as its prospects.
The firm’s instruments are primarily utilized by finance groups to plan and make monetary and enterprise choices. As nicely as Microsoft, Pigment additionally views enterprise software program instruments from giants like Google, SAP and Oracle as rivals.
Crespo stated that, in 2022, Pigment grew its revenues by 600% and its complete person base elevated tenfold — and insisted it was nicely positioned to compete with behemoth incumbent Microsoft.
“We not only have users in the finance team but outside of finance, and that’s super interesting for investors to hear that we are not a finance platform but a business database that can serve any business leader out there from HR to sales to marketing, to R&D [research and development],” she stated.
“We are here to sell [to] any business leader. And not only that, but they have heard from their portfolio companies that we managed to serve the most forward-looking companies out there.”
Pigment additionally plans to make use of the most recent inflow of cash to spend money on the event of AI merchandise.
It launched a brand new service referred to as Pigment AI final month, on the heels of heightened buzz surrounding AI and merchandise like ChatGPT, which lets purchasers question knowledge, determine patterns and automate evaluation and reporting.
Crespo stated there aren’t any plans to extend headcount considerably and Pigment was as a substitute trying to develop in a extra sustainable means, given the stress from buyers on companies to realize profitability in favor of breakneck progress.
Source: www.cnbc.com”