AI-Powered Numeric Secures $28M to Revolutionize Real-Time Accounting Solutions

Numeric, a cutting-edge AI accounting automation platform based in San Francisco and New York, has successfully secured a remarkable $28 million in Series A funding. This significant investment is designed to enhance the company’s capabilities and support its mission of transforming financial management.

Funding Details and Investor Insights

The recent funding round was led by Menlo Ventures, with participation from new investors IVP and Socii Capital, along with existing investors such as Founders Fund, 8VC, and others. This strategic influx of capital aims to strengthen Numeric’s engineering teams and accelerate product development.

Enhancing Real-Time Financial Decision-Making

With this funding, Numeric is poised to advance its mission of providing real-time decision-making capabilities through sophisticated financial data processing. The platform integrates multiple point solutions and workflows into a unified system, establishing a robust financial data framework that modern CFOs require.

• Real-time accounting solutions: Numeric aims to minimize the time accounting teams spend on repetitive tasks.
• AI-driven transaction validation: The system will review every financial transaction and ensure accuracy.
• Streamlined operations: Enhancing the efficiency of financial operations is a key focus.

Expert Opinions on Numeric’s Impact

Croom Beatty, a partner at Menlo Ventures, shared his positive outlook on Numeric, stating, “We have looked at dozens of companies trying to help automate accounting workflows and have never seen the level of product love that world-class finance teams have for Numeric.”

Parker Gilbert, CEO and co-founder of Numeric, emphasized the operational efficiencies that their innovations bring. He noted, “Today, most accounting teams spend 120 days per year on repetitive processes— and companies are forced to make decisions based on weeks-old to months-old data.”

Looking Ahead: The Future of Accounting

Numeric is at the forefront of developing the first real-time accounting system, where AI will continuously monitor transactions, validate them against established standards, and alert human accountants for essential reviews. This innovative approach is set to revolutionize the way businesses handle their financial data, ultimately leading to more informed decision-making.

For more information about how Numeric is changing the landscape of financial management, visit their official website.