Numeric, a startup revolutionizing the accounting process with AI-powered automation, has raised $28 million in a Series A funding round led by Menlo Ventures. New investors IVP and Socii joined the round, along with previous backers Founders Fund, Long Journey, 8VC, Friends & Family Capital, and Fifth Down. The round comes just five months after Numeric’s $10 million seed round.
Founded in 2020 by Parker Gilbert, Numeric addresses the tedious and error-prone process of month-end and quarter-end closings that accountants traditionally face. By aggregating and reconciling data from multiple accounting systems and Excel spreadsheets, Numeric’s software automates flux analysis, saving accounting teams significant time. An AI agent overlays the data and identifies outliers or changes from previous months, generating explanations for variances.
Gilbert explained that if the AI agent detected a spike in legal expenses, it might generate a comment indicating that the increase was due to an additional payment to Wilson Sonsini for funding. He added that links to the original data would enable accountants to verify the AI’s work easily.
Though generative AI currently doesn’t handle the actual calculations, Gilbert expects future models to achieve this capability accurately. “LLMs are already incredibly good at synthesizing large quantities of data, and they’re only getting better,” he said.
Numeric’s platform is used by the accounting departments of companies like Brex, OpenAI, Plaid, and Wealthfront, and its revenue has grown fourfold in the past year. Menlo Ventures partner Croom Beatty noted Numeric’s unique approach: “Numeric’s solution marries complex workflow with complex data, filling a gap in the accounting software market that has been underserved by technology.”
Numeric competes with established players like BlackLine and FloQast, but Beatty believes the startup’s innovative approach and deep market moat will help it stand out. The new funding will fuel Numeric’s continued expansion and product development, with plans to explore additional financial management tools in the future.
