AI-based accounting automation company Numeric announced it has raised $10 million in a seed funding round from Founders Fund, Menlo Ventures, 8VC, Long Journey, Friends & Family Capital. This funding round will be used to drive product development and hiring.
Since its launch, Numeric has quickly become a leader in accounting automation. Many private and public companies like Brex, Plaid, and Wealthfront utilize Numeric to perform technical accounting research, flag data discrepancies, draft variance explanations, and automate recurring month-end closing processes.
Accountants NOW invest years in CPA certification and ongoing education, only to spend a lot of time on spreadsheets and data entry. And with a nationwide accountant shortage, teams now more than ever are understaffed and overworked.
This additional funding will drive R&D hiring as the company develops new products. The company is building towards a future where every accountant will have an AI assistant, enabling them to focus on their work’s strategic, advisory, and analytical aspects.
Numeric was launched in 2020 after CEO Parker Gilbert headed a finance and accounting team and felt buried under the manual work involved in the month-end close. Realizing 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.
KEY QUOTES:
“AI has created an opportunity to rethink accounting workflows and to build a new generation of truly intelligent software. 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.”
- Parker Gilbert, CEO and Co-Founder of Numeric
“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
“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.”
- Lee Jacobs, General Partner at Long Journey
