Trullion – a leading provider of corporate accounting software – announced the completion of $30 million in funding to accelerate its growth and expand its product offerings. The funding includes $15 million from its initial Series A round led by Third Point Ventures and an additional $15 million led by Stepstone Group with full participation from its existing investors Aleph, Third Point Ventures, and Greycroft.
The company utilizes AI/ML to automate accounting and compliance workflows like Lease Accounting, Revenue Recognition, and Audit automation tools. And the company has raised $34 million to date since launching in 2020.
What the funding will be used for: Trullion plans to use the new funding to accelerate the growth of its AI-based applications and to develop 2 new modules supporting audit and revenue recognition. And the company’s AI-powered accounting platform connects corporate controllers, CFOs, and external auditors on one platform, providing a single source of truth for financial leaders.
KEY QUOTES:
“It’s a great company at a critical time in the accounting world. We believe this is the right time to get on board. The financial industry needs powerful, cost-effective technology that can automate critical processes and minimize risk. Companies are also discovering that AI and accounting automation is essential to keeping up with financial standards.”
– StepStone Group Partner John Avirett
“It is a pivotal moment now for the financial sector and our solution creates transparency at a time when that is needed most. We had a strong balance sheet from our Series A, but given our 2022 performance and multi-year growth prospects, we saw an opportunity to bolster our product investment while bringing on a top global investment partner in Stepstone.”
– Trullion CEO Isaac Heller
