Nominal, a NYC-based company providing generative AI to bridge the gap between ERP systems and the financial management needs of modern mid-market, multi-entity businesses, raised $9.2M in Seed funding.
The round was led by Bling Capital and Hyperwise Ventures, with participation from Vela Partners, Incubate Fund and executives from Bill.com, Salesforce, Justworks, ServiceNow and Intel.
The company intends to use the funds to accelerate its product offering, expand its market reach, and increase sales and support resources in the U.S.
Led by Guy Leibovitz, CEO, and Golan Kopichinsky, VP of R&D, Nominal leverages generative AI and cloud technology to optimize and automate accounting and financial management, providing reporting, multi-entity consolidation, workflow automation, period-end close collaboration and more. Its key innovation is its generative subledgers that transform free text, documents and spreadsheets into automated workflows. The generative subledgers include an intercompany ledger for streamlined multi-entity consolidation and efficient management of cross-company transactions, a lease subledger to simplify ASC 842/IFRS 16 compliance, as well as accruals and revenue recognition subledgers. The platform also offers custom workflows, enabling businesses to tailor their financial operations to their specific needs. The generative workflows can operate in auto-pilot mode or under human supervision to ensure financial accuracy.
The company primarily focuses on mid-market, multi-entity companies such as holding companies, real estate, energy and multinational technology companies in its initial go-to-market plans. Nominal is deployed across hundreds of entities, managing over $1 billion in book value.
FinSMEs
27/03/2024