After concluding a significant $3.5 million fundraising round, DataroomHQ Inc., a business that provides software-as-a-service enterprises with an operational metrics platform powered by artificial intelligence, announced today that it is ready for prime time.
Oceans and Bling Capital led the round today, and additional participants included Garuda Ventures and Cortical Ventures.
To help SaaS organizations better understand their operational and financial indicators, the startup has developed a platform of data-driven insights. In order to establish themselves when the SaaS sector first took off, most businesses concentrated on growing quickly. However, these days, the goal is to achieve more efficient growth that strikes a balance between revenue increases and expense savings to assure profitability. A platform like dataroomHQ is necessary because, in order to do this, SaaS companies need to have a far deeper insight of what drives their operations.
According to the startup, it is providing a single gateway for predictive insights and data analytics to help SaaS decision makers recognize and understand important patterns and develop business-optimization plans. The platform acts as a single source of truth for investors, board members, and executives by using AI to automate reporting and create prediction models for all important SaaS indicators.
According to founder and CEO Jeff Schwartz, he has personal experience with the challenges SaaS organizations face in gaining complete visibility into every facet of their operations. “That’s why I founded dataroomHQ, to provide SaaS companies with a single source of truth for their metrics along with blueprints for how to optimize them so they can achieve efficient growth,” he said. “We have proven that the market needs a platform like ours.”
Additional capabilities include experimenting with sales, marketing, and product features to help SaaS organizations establish what enhances customer retention and whether there is a product market fit, as well as AI-powered monitoring of operational metrics to spot trends and support decision-making. To get ready for unexpected events, there are also tools for forecasting and headcount planning. With the use of AI, startups may use the platform to assess their total company worth and compare their performance to that of their competitors in the market.
According to Arpan Punyani, general partner and co-founder of Garuda Ventures, “most startups cannot even agree internally on key business metrics like customer retention,” hence they are critical competencies. “Optimizing the future is impossible if you cannot concur on the reality of the present,” he defended his choice to support the startup. “Jeff is ideally suited to transform how businesses use AI to optimize for the future by acting on their data and using it as a foundation for machine learning and finance.”
The money raised in this round, which comes after a 2021 initial investment from Cortical Ventures, will be utilized to quicken the development of the company’s SaaS visibility platform, which is being made publicly accessible as of right now.
The SaaS industry is laser-focused on achieving greater efficiency, according to Sara Barek, managing director and founding team member of Oceans. To do this, she said, the industry needs a clearer and easier way to understand the key drivers of business, in particular the factors driving the most profitable revenue growth. She thinks that SaaS organizations also require more in-depth understanding of what is and isn’t working for their company.
“Most pre-IPO companies do not have a consistent and streamlined way for their organization to manage financial and key operational drivers of the business,” Barek explained. “DataroomHQ, with its strong vision, technology and leadership, will become the most important platform for the executive and operational leaders of your company.”