Data automation leader uses capital infusion to make operational excellence accessible
Parabola, a collaborative data tool enabling non-technical teams to automate solutions for manual, spreadsheet-based processes, today announces a $24 million Series B funding round led by OpenView, with participation from existing investors Matrix and Thrive Capital. Additional new investors include Flexport, Webflow, and the founders of Harry’s, Warby Parker, and Allbirds. With this funding, Parabola will expand its product capabilities and grow its team in pursuit of empowering everyone to leverage automation and AI in their daily work, regardless of their technical capabilities.
Parabola provides a solution for businesses beyond hiring more people for every new problem. Instead, non-technical teams can stop doing things manually, and start creating, documenting and sharing reusable workflows. Combining the power of AI with familiar spreadsheet functionality, Parabola enables users to extract, analyze, categorize and experiment with data to solve real use cases.
“For the past few years, we’ve been working with incredible operators at category-defining companies who were drowning in manual work. Using Parabola, they’ve achieved tremendous value nearly overnight by automating the messy processes they thought were un-automatable.” said Alex Yaseen, Founder and CEO of Parabola. “From modern companies like Sonos and Flexport to 90-year-old businesses like NFI that are rapidly transforming, Parabola has helped teams achieve immediate ROI. This new funding means we can help far more companies unlock the latent potential within their teams.”
This funding will allow Parabola to double down on serving its ecommerce, retail, CPG, freight and logistics customers while expanding to new verticals. OpenView’s Blake Bartlett will join the Parabola Board of Directors as part of this investment. Flexport, a worldwide freight forwarder and logistics platform, has invested in Parabola and serves as a valued customer, underscoring the platform’s transformative potential.
“Automation has become a necessity. However, most people are still stuck in spreadsheets and are under-served by the existing technology,” said Bartlett. “When we talked with Parabola’s customers, we knew we had found a company that was bottling magic. Teams using Parabola can actually do more with less – and that’s priority for virtually every business in 2023.”
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