Elevation Capital leads $15 mn funding in ex-Companion’s AI-SaaS start-up Drivetrain
Former Elevation Capital Companion Alok Goel’s enterprise SaaS start-up Drivetrain, which helps companies monitor and scale development, has raised $15 million in contemporary funding. The spherical was led by Elevation Capital, Jungle Ventures, and Enterprise Freeway, together with participation from 25+ angel buyers, advisors, founders, and start-up CXOs. These included ex-Googler Amit Singhal, Notion Co-founder Akshay Kothari, Chargebee Co-founder Krish Subramanian, Fareye Co-founder Kushal Nahata, amongst others. Previous to this, the corporate had raised an undisclosed seed spherical final 12 months.
Based in April 2021 by Alok Goel, Tarkeshwar Thakur (ex-Freshworks) and Saurav Bhagat (former lead of SaaS investments at Elevation Capital), Drivetrain operates a monetary planning, budget-tracking, and development monitoring platform for tech companies. It plans to make use of the funds for brand new product growth, market enlargement, and contemporary hires.
Drivetrain Co-founder and CEO Alok Goel calls the platform a “Google Maps for enterprise development”. It has constructed an AI-powered language referred to as DTML – Drivetrain Modeling Language – that’s able to expressing nuances of how a specific enterprise operates. At current, the platform integrates with over 200 office collaboration software program, together with Salesforce, Netsuite, Quickbooks, Workday, and Looker, amongst others, and aids course correction for decision-makers at mid-market enterprises.
“Many leaders handle their enterprise plans and multimillion-dollar budgets on spreadsheets which can be cumbersome and error-prone. Gauging your small business well being in real-time and making use of course corrections is unattainable on spreadsheets. As an alternative, with Drivetrain, you can also make higher, assured selections in days, not months,” Goel defined.
Drivetrain is one amongst a number of SaaS start-ups which can be leveraging AI to construct progressive merchandise for different companies. The AI-SaaS phase is projected to create $500 billion in market worth by 2030, in keeping with a report by Stellaris Enterprise Companions and IFC (arm of the World Financial institution).
Deepak Gaur, Companion at Elevation Capital, mentioned, “Right now, finance groups spend as much as 4 weeks each quarter monitoring key enterprise metrics and producing experiences for his or her stakeholders. You possibly can’t make selections on such stale knowledge. Drivetrain permits these corporations to consolidate their knowledge and get insights in close to real-time. This helps them focus extra on forward-looking questions throughout board conferences.”
Bengaluru-based Drivetrain’s AI-led software program assists companies in predicting income development and removing enterprise imperfections earlier than it begins affecting their financials. “We’ve got struggled to place collectively Excel sheets for portfolio corporations to foretell income development, construction the go-to-market plan, and perceive levers that will have an effect on income and margin development. Drivetrain’s scientific method to scaling enterprise predictably resonated with us,” Priya Mohan, Companion at Enterprise Freeway, said.
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