Financial automation startup Numeric, also known as Velocity Labs Inc., has raised $28 million in a Series A funding round led by Menlo Ventures for its financial automation platform, driven by AI accounting and powered by advanced AI algorithms, delivers efficient accounting automation through its innovative AI platform, setting a new standard for financial software solutions.
This funding comes just five months after the company’s $10 million seed round, signaling strong confidence in Numeric’s AI-powered accounting automation platform. The startup is gaining traction among businesses looking to streamline financial workflows. It is now set to expand its reach further. Financial automation remains the core focus of this innovative platform, designed to reshape the future of accounting.
“Our team is building the first real-time accounting system. Where AI will review every financial transaction, validate against standards and documentation, actively monitor for accuracy, and generate key review tasks for human accountants in the loop,” said Co-Founder Parker Gilbert.
Transforming Financial Automation with AI
Numeric’s AI accounting platform is designed to tackle one of the most cumbersome challenges in accounting: the time-consuming process of organizing and reconciling financial data. Integrating advanced AI algorithms, Numeric automates critical month-end tasks, such as balance sheet reconciliations and variance reporting. This significantly reduces accountants’ time on manual tasks, enabling them to focus on more strategic financial decision-making.
With real-time financial data monitoring, Numeric’s financial automation system detects and explains anomalies by generating reports that track fluctuations in numbers. This AI-driven approach offers faster, more accurate insights, making it a game-changer for companies managing complex financial operations. This cutting-edge technology not only automates tasks but also brings efficiency and accuracy to the forefront of accounting automation.
How Numeric’s AI Platform Enhances Efficiency
Co-founder and CEO Parker Gilbert emphasizes that Numeric’s AI platform can shave hours—even days—off month-end book closings. The software aggregates and reconciles data from various accounting systems and Excel spreadsheets, seamlessly integrating this information for deeper insights. The AI agent then analyzes changes in each line item from the previous month, generating reports that explain any unexpected variations.
This powerful financial automation feature eliminates the need for accountants to manually document every fluctuation, streamlining workflows and improving overall efficiency. Additionally, Numeric’s platform is highly adaptable, making it suitable for businesses of all sizes looking to optimize their accounting automation processes.
Generative AI Co-Pilot Enhances Accountant Productivity
Numeric has also developed a generative AI accounting co-pilot, enhancing the platform’s usability. This innovative tool allows accountants to ask questions in natural language and receive accurate, real-time responses from the AI-powered system. Whether users need clarification on financial data or insights into specific trends, the co-pilot quickly provides the answers, making the platform even more user-friendly.
This AI accounting co-pilot is an example of how Numeric is using technology to push the boundaries of financial management, enabling accountants to shift from data preparers to strategic reviewers. Integrating AI algorithms into the platform helps businesses uncover deeper financial insights, offering unparalleled value to organizations.
Menlo Ventures Partner Croom Beatty said Numeric has vast potential to raise its game. “Its moat is a lot deeper than many areas we were looking at,” he said. “It marries complex workflow with complex data in a market that has not been well served by tech companies.”
Numeric has a Solid Client Base and Impressive Revenue Growth
Numeric’s financial automation platform has already gained significant traction. The company reports that its annual recurring revenue has grown fourfold in the past year, although the figures remain undisclosed. The startup has also attracted high-profile clients, including OpenAI, Plaid Inc., and Brex Inc., highlighting the demand for AI-powered accounting automation solutions.
The ability to synthesize large volumes of financial data and deliver actionable insights sets Numeric apart from competitors like Blackline Inc. and FloQast Inc. Its AI-native approach has proven to be a significant differentiator in the crowded financial software market, making it a preferred choice for companies looking for advanced financial automation solutions.
Numeric plans to use its new funding to expand product offerings and explore adjacent markets, such as financial planning and analysis. The company is also looking to scale its engineering team and accelerate product development, ensuring its AI platform remains at the cutting edge of financial automation.
As businesses increasingly rely on automation to handle complex financial tasks, Numeric is well-positioned to capitalize on this trend. With strong investor backing and growing demand for its platform, the company is poised to lead the future of AI-powered accounting automation.
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