Fieldguide, a leading AI platform for advisory and audit services, announced a $30 million Series B funding round led by Bessemer Venture Partners. Other investors in the round included 8VC and several renowned AI and SaaS company CEOs.
Since its founding, Fieldguide has sought to address the talent shortage in the CPA and advisory industries by using AI solutions that enable practitioners of all levels to tackle manual tasks with speed and high quality in a secure and privacy-conscious manner. Since announcing the Series A funding round in March 2022, Fieldguide has experienced hypergrowth and has become the AI platform of choice for all types of advisory and audit engagements.
About 40 of the Top 100 CPA and consulting firms – including Wipfli, Mazars, and Aprio – reported that Fieldguide saves up to 50% of hours on engagements. This enables them to grow their business with existing practitioners and increase margins, thus helping them overcome the talent shortage.
Before becoming Fieldguide’s CEO and co-founder, Jin Chang was an EY practitioner who experienced first-hand the pain of managing complex advisory and audit engagements. He was determined to build a solution to eliminate the endless hours of manual work and enable practitioners to focus on advising clients. When Chang combined forces with co-founder and CTO Chris Szymansky, Fieldguide was launched in 2020 and quickly transformed the advisory and audit profession.
Fieldguide’s AI platform is considered the industry’s first secure and private AI solution. It is designed to significantly reduce the work associated with drafting and analyzing tests, requests, and document reviews, allowing staff members to focus on more critical and higher-margin work.
This funding round will be strategically utilized for product development, market expansion, and talent acquisition.
KEY QUOTES:
“We are thrilled to partner with Bessemer Venture Partners as we embark on the next phase of our journey to transform the advisory and audit industry with purpose-built, AI-powered solutions. This substantial investment will allow us to continue fulfilling our mission to revolutionize the way advisory and audit work is done, delivering a broader range of AI cloud solutions to firms of all sizes in order to bridge the widening talent gap.”
- Jin Chang, Fieldguide CEO and Co-Founder
“Fieldguide is addressing pain points for an industry that has been plagued by a lack of modern cloud-based software, talent shortages, and manual processes. Its AI platform automates and addresses inefficiencies of the audit process, enabling CPA firms to be more productive and focus on higher-value strategic work. Fieldguide is a shining example of how a vertical SaaS AI platform can reshape workflows and drive productivity gains, and we look forward to partnering closely with Fieldguide’s exceptional leadership team as they help this critical industry thrive in the next era.”
- Sameer Dholakia, Partner at Bessemer Venture Partners
“Using Fieldguide has expanded our opportunities to improve service to clients. The tool has enabled us to streamline our workflow and allowed our engagement managers to be more advisory in their work.”
- Bob Cedergren, risk advisory services leader and partner at top 20 national advisory and accounting firm Wipfli LLP
“Given the talent pipeline challenges of the CPA profession, Fieldguide’s next-generation AI platform comes at a welcome time. With Fieldguide’s Series B funding, I look forward to watching their continued growth and transformation in providing the CPA profession with the right tools.”
- Mark Koziel, President and CEO of Allinial Global, a leading association for accounting and consulting professionals
