Drivetrain AI, a financial planning and monitoring platform for growing businesses and enterprises, has raised $15 million Series A round with participation from Elevation Capital, Jungle Ventures and Venture Highway.
In addition, nearly 25 angel investors, advisors, founders and C-Suite executives at technology companies also contributed to the funding round.
HNIs in this round include Akshay Kothari (Notion), former Google executive Amit Singhal, Khadim Batti and Amit Sharma (co-founders of Whatfix), Krish Subramanian and Karthik Srinivasan (co-founders of Chargebee) and Kushal Nahata (founder of FarEye).
The US-based company will use the funds to expand its go-to-market and product development team.
Drivetrain AI was founded in 2021 by Alok Goel (ex-Partner at Elevation Capital), Tarkeshwar Thakur (ex-VP of Engineering at Freshworks) and Saurav Bhagat (ex-VC of Investments at Elevation Capital).
Alok Goel, Co-Founder and CEO of Drivetrain, said, “Drivetrain helps create plans, lets you know if you’re on track and simplifies correction course. Many leaders manage their business plans and multi-million dollar budgets on spreadsheets that are cumbersome and error-prone.”
He added: “Measuring the health of your business in real-time and applying rate corrections is impossible on spreadsheets. Instead, with Drivetrain you can make more confident decisions in days, not months – a key strategic advantage.”
Deepak Gaur, Partner at Elevation Capital, said, “Today, finance teams spend up to four weeks each quarter tracking key business metrics and generating reports for their shareholders. You can’t make decisions based on such out-of-date data. Drivetrain enables these companies to consolidate their data and gain near-real-time insights. This helps them focus more on forward-looking issues during board meetings.”
The Software-as-a-Service (SaaS) platform helps finance teams create integrated business plans, budgets and forecasts and track progress against goals. The cloud-based SaaS platform can integrate data from more than 200 commonly used business tools, including Salesforce, Netsuite, Quickbooks, Workday and Looker, across CRM, ERP and HRMS functions.
The platform has worked with mid- and enterprise-stage companies with annual recurring revenue (ARR) ranging from $5 million to $100 million.
According to the company’s website, Drivetrain AI customers include digital adoption platform Whatfix, delivery management platform FarEye and sales readiness platform MindTickle.