finance news

GRID secures $12 million in series A funding round led by NEA

GRID secures $12 million in series A funding round led by NEA
GRID secures $12 million in series A funding round led by NEA

GRID, the Iceland-based SaaS startup that lets people turn spreadsheets into visual data, has reportedly closed $12 million in Series A funding. It announced that the funding round was led by New Enterprise Associates (NEA), an industry-leading active venture capital firm. Existing investors Acequia Capital, BlueYard Capital, Slack Fund, and other strategic partners were also involved in the participation. 

Sources cite that this funding will help the organization to bring its products to market and will power quicker product development. The businessman and technology enthusiast Hjalmar Gislason and a group of other tech veterans created GRID in fall 2018. The team understood with deep experience in data services and analytics that the way knowledge workers interact with data starts with spreadsheets.

Through exploiting the current knowledge and capabilities of common citizens, GRID makes collaboration and analysis of data and models simpler and more efficient for Excel and Google Sheets as the data science notebooks did for Python and R. 

Hjalmar Gislason, CEO, and founder of GRID commented that this progress is just a start. He highlighted that the data is omnipresent, and organizations are in a dire need of working around it. The key here is to rebuild what's working for people and leverage the existing ways without introducing something new in the workflows. He was much content with the participation of NEA and delivering on the same citing that they are the best possible partner for this journey.

Forest Baskett, General Partner at NEA said that joining GRID is not just about improving spreadsheets, but being a part of the building, a stand-alone defensible business. He looks forward to working with GRID and reinvent the ways users work with spreadsheets.

GRID is committed to transforming the relationship between information workers and data, beginning with spreadsheets. Opening its beta today, the SaaS allows users to turn spreadsheets into visual and interactive websites, to better communicate the data that resides in them to different publics.

Source Credit -https://www.prnewswire.com/news-releases/grid-raises-12m-in-series-a-funding-led-by-nea-to-revolutionize-data-work-301118879.html

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