French startup Pigment raised $250 million at a $2.3 billion value and says it wants to take on Excel and PowerPoint, which matters if you plan budgets in spreadsheets.
A French startup called Pigment has raised $250 million and says it aims to take on Microsoft's Excel and PowerPoint. The funding values the company at $2.3 billion, according to Bloomberg Technology. Nvidia, the chip giant, is among the backers.
Pigment calls itself an AI company. A valuation is the price tag investors put on a company, and $2.3 billion is a big one. Co-CEO Eléonore Crespo told Bloomberg that having Nvidia on board is a particular validation of the startup. She also said Pigment is looking to investors in Asia to help it expand into that region.
Excel and PowerPoint are where many businesses build budgets, forecasts and slide decks. If your team runs its planning in spreadsheets, a well-funded rival could eventually give you another option to look at. For now, this is a funding announcement, not a product launch.
Until those details appear, the news shows investor interest in challenging Microsoft's tools. It does not yet show that switching would help your business.
Pigment's $250 million raise signals new competition for Excel, but there is not enough detail yet to decide whether to switch.
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