WiseLayer, an AI fintech company that makes digital workers for finance and accounting teams, announced $7.2 million in funding. This funding round was led by Canaan Partners, with participation from K5 Global, The Fintech Fund, Unpopular Ventures, and industry angels.
This round of funding will advance the continued development of WiseLayer’s task-specific AI workers, each of whom automates a highly-manual complex recurring process performed by finance & accounting teams. Over 100 companies currently use WiseLayer’s AI workers, including mid-sized firms and public companies.
WiseLayer was created by industry veterans to help finance & accounting departments solve the ever-increasing requirements with financial accuracy and compliance. And it is common for these teams to use multiple different software tools for various crucial tasks, which leads to issues with manual data extraction, data accuracy, and compliance.
WiseLayer is the only AI-based platform that plugs into each of these tools (300+ integrations into every major ERP, billing, P2P, HRIS and more), consolidates the data, and automates time-consuming tasks like accruals, revenue recognition, financial discrepancy detection, etc.
The new funding will further delight new and existing clients by making WiseLayer’s AI workers even more efficient – and developing new AI workers, too. Additionally, the financing will be used to expand customer support infrastructure and drive market expansion.
KEY QUOTES:
“The exceptional early traction that WiseLayer has achieved with its many large customers, each of whom love their product, demonstrates a clear market need. We’re thrilled to support WiseLayer’s next phase of growth as they enhance their AI-powered digital workforce for finance and accounting teams.”
- Brendan Dickinson, general partner at Canaan Partners
“Finance & accounting teams have some of the most brilliant people at any company, yet their brainpower is often spent on recurring administrative and compliance tasks like accruals, rev rec, and more. WiseLayer’s mission is to build AI agents to automate these repetitive, laborious processes with precision, so that these highly-skilled people can focus on strategic financial initiatives that drive company growth.”
- Josh Stein, CEO & co-founder of WiseLayer
“What makes WiseLayer wholly unique is our focus on creating specialized digital workers that each perform a specific time-consuming financial function – with unprecedented accuracy and efficiency. For example, if you’re a controller at a company, you can use Angela, the AI Agent for Accruals & Rev Rec to reduce your month-end accrual process from days to about an hour.”
- Vik Bellapravalu, CTO & co-founder at WiseLayer
“Today, Angela automates about 90% of a company’s accrual process. With our novel & secure AI, we’ll get that to about 98% this year.”
- Jack Gillette, Head of Product & Founding Engineer
