Runway, a startup looking to break into the financial planning for businesses market, said its AI-driven platform for enterprise finance is generally available.
The company, not to be confused with the AI video content startup with the same name, is looking to break into a crowded market. Runway is aiming to make financial modeling, headcount planning, department budgeting and finance workflows more user friendly and intuitive.
As previously reported, enterprise software buyers are increasingly disillusioned with giants that keep raising prices and a lack of new entrants offeringcompetition.
Siqi Chen, CEO of Runway, said CFOs need to be freed from admin work and reports that largely look backward. Runway features "Ambient Intelligence" that enables CFOs and teams to better collaborate and plan. "What teams need is a clear, intuitive understanding of how all the functions of a business work together, from sales and marketing to product and engineering. Clear context creates alignment, enables true collaboration, and accelerates execution," said Chen.
- Constellation ShortList™ Enterprise Cloud Finance
- Constellation ShortList™ Cloud-Based Planning and Performance Management Platforms
Runway connects with more than 650 applications including the most common accounting, HR, CRM and data warehouse systems. Runway automatically updates forecasts with new actuals and simplifies processes with a drag-and-drop approach.
Constellation Research CEO Ray Wang said:
"The future is ambient experiences, where systems move from persuasive (making you spend more time for their benefit) to consensual (where you choose where you spend time), to mindful (where the system makes nudges and suggestions in your interest). The crux of the design is to make life easier, which is very rare in legacy solutions. Add a layer of human collaboration, this system has the ability to not only save time and money, but also help you find exponential improvements."
Here's what Runway's Ambient Intelligence includes:
- Clear explanations of financial drivers such as cash burn and gross margin for more democratized modeling.
- Budget vs. actual variances that are automatically adjusted.
- Scenario comparisons for modeling and making future plans.
While Runway is in a crowded market the company has landed customers such as Superhuman, AngelList and 818 Tequila. According to TechCrunch, Runway has raised $33.5 million in venture funding so far.
