AI accounting automation platform Numeric has raised a $28 million Series A led by Menlo Ventures, with participation from new investors IVP and Socii Capital.
Existing backers Founders Fund, 8VC, Long Journey, Access Industries, and Friends & Family Capital, among others, also invested in this round.
Numeric said the investment will accelerate engineering hiring and product development, supporting the San Francisco-based company’s aim to enable real-time decision-making from financial data.
The new funding comes on the heels of a $10 million seed round announced five months prior—bringing the total amount raised to $38 million.
Founded in 2020 by Anthony Alvernaz, Parker Gilbert, and Andrew Bihl, Numeric’s platform was built to take manual work off accountants’ plates so they can focus on what’s impactful, the company says.
Numeric’s platform automates manual work involved in the month-end close, such as balance sheet reconciliations and auto-drafted variance explanations. Gilbert said their goal is to create a new genre of financial software that transforms financial operations from a retrospective process into a real-time strategic asset.
“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,” Gilbert, the company’s CEO, said in a statement. “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.”
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