Numeric, a San Francisco, CA- and NYC-based provider of an AI accounting automation platform, raised $28M in Series A funding.
The round, which brought the total amount to $38M, was led by Menlo Ventures, with participation from new investors IVP and Socii Capital, and existing investors Founders Fund, 8VC, Long Journey, Access Industries, and Friends & Family Capital, and others.
The company intends to use the funds to accelerate engineering hiring and product development.
Founded in 2020 by co-founders Anthony Alvernaz, Parker Gilbert, and Andrew Bihl, Numeric is a provider of an AI accounting automation platform, which automates manual work involved in the month-end close, such as balance sheet reconciliations and auto-drafted variance explanations.
Customers include OpenAI, Brex, and Plaid.
Commenting on the news, Parker Gilbert said: “Our team is building the first real-time accounting system. Where AI will review every single financial transaction; validate against standards and documentation; actively monitor for accuracy, and generate key review tasks for human accountants in the loop.”
FinSMEs
11/10/2024