Insider Brief
- Numeric, an AI-powered accounting automation company, has raised $10 million in a Seed round from investors including Founders Fund and Menlo Ventures, to enhance product development and expand its team.
- The company has established itself as a leader in accounting automation, helping firms like Brex, Plaid, and Wealthfront automate intricate accounting tasks such as technical research, data discrepancy flagging, and month-end close processes.
- With the new funding, Numeric plans to further develop its AI-assistant for accountants, aiming to shift the role of accounting teams towards more strategic, analytical, and advisory functions, alleviating the burden of manual data handling and spreadsheet management.
PRESS RELEASE — SAN FRANCISCO/May 7, 2024 /PRNewswire/ — Numeric, an AI-powered accounting automation company, has raised $10 million in a Seed round from Founders Fund, Menlo Ventures, 8VC, Long Journey, Friends & Family Capital, and more to fuel product development and hiring.
Numeric has quickly become a leader in accounting automation. Hundreds of private and public companies — including Brex, Plaid, and Wealthfront — leverage Numeric to perform technical accounting research, proactively flag data discrepancies, draft variance explanations, and automate recurring month-end close processes.
“AI has created an opportunity to rethink accounting workflows and to build a new generation of truly intelligent software”, states Parker Gilbert, CEO and Co-Founder of Numeric. “With this funding, we’re building towards a future where accountants will be able to automate their most recurring work and focus instead on empowering their business to make the best decisions. Increasingly, accounting teams’ primary role will be of editor, interpreter, and architect of the financial operations system.”
Today accountants invest years in CPA certification and ongoing education, only to spend much of their time buried in spreadsheets and data entry. And with a growing nationwide accountant shortage, more than ever teams are understaffed and overworked.
“Numeric has transformed how we close our books each month by helping to cut down on manual work and avoid digging into spreadsheets — unlocking time back to focus on strategic work. It provides me great visibility into my team’s workload and the progress of our month-end close. We’re excited to see what’s in store in the upcoming months” shared current customer Jane Rudneva, Senior Director of Accounting and Deputy CFO at Wealthfront.
The additional funding will fuel R&D hiring as the company continues new product development, building towards a future where every accountant will have an AI-assistant, enabling them to focus on the strategic, advisory, and analytical aspects of their work.
“We believe Numeric is setting a new standard for what technology can achieve in accounting. With an aggressive pace of progress integrating AI and rapid growth with new customers, Numeric is quickly becoming an indispensable tool for the modern accounting team. We are thrilled to be a part of their journey” states Lee Jacobs, General Partner at Long Journey.
Numeric was founded in 2020 after CEO, Parker Gilbert, was leading a finance and accounting team and felt buried under the manual work involved in the month-end close. Recognizing the potential of AI to transform accounting, Gilbert and co-founders Anthony Alvernaz and Andrew Bihl, set out to build the platform Gilbert had longed for in previous finance roles. Today, Numeric brings together engineers and accountants from some of the most innovative and fast-growing businesses.
About Numeric
Numeric is an AI accounting automation platform, built to take manual work off accountants’ plates so they can focus on what’s impactful. Founded in 2020 by co-founders Anthony Alvernaz, Parker Gilbert, and Andrew Bihl, Numeric is headquartered in San Francisco and New York.
For more information, visit https://www.numeric.io/
