Highlights:
- Numeric’s software uses AI to automate key month-end workflows, monitor financial data in real time, and generate reports explaining fluctuations.
- Numeric believes AI will transform accountants from data preparers to strategic reviewers, reshaping how businesses manage finances and make decisions.
Recently, a financial automation software startup operated by Velocity Labs Inc., Numeric has secured USD 28 million in early-stage funding round.
The Series A funding round, led by Menlo Ventures, comes only five months after the company secured USD 10 million in seed funding. New investors IVP and Socii Capital joined the round, alongside existing supporters including Founders Fund, 8VC, and Long Journey.
The company has developed an AI-powered platform aimed at tackling one of the most persistent challenges in accounting: the error-prone and time-consuming task of organizing and reconciling financial data.
Numeric claims its software leverages AI algorithms to automate essential month-end workflows, providing real-time monitoring of financial data and generating reports to explain fluctuations in the figures.
In an interview with a leading media house, Numeric Co-founder and CEO Parker Gilbert explained that the platform can reduce the time required for monthly book closings by hours or even days. The software aggregates and reconciles data from multiple accounting systems and Excel spreadsheets, then applies an AI agent to analyze the information.
The AI agent analyzes changes in each line item compared to the previous month. When it detects an outlier or unexpected variation, it generates a report explaining the anomaly. This process saves accountants hours of manual work by automating the documentation of variances in the company’s accounts.
Additionally, the company has developed a generative AI accounting co-pilot that assists accountants by answering questions about their accounts. Users can type their inquiries in natural language, and Numeric’s AI-powered accounting co-pilot will provide the information they need.
Numeric reports significant momentum, with its annual recurring revenue quadrupling over the past year from an undisclosed base. The company has also secured prominent clients such as OpenAI, Plaid Inc., and Brex Inc., underscoring the growing demand for its platform.
“We’re enabling accounting teams to move beyond being scorekeepers in spreadsheets. Our goal is to empower them to provide strategic guidance that drives business forward,” Gilbert said.
Numeric envisions a future where AI enables accountants to shift from data preparers to strategic reviewers, potentially transforming how businesses approach financial management and decision-making.
The startup competes with other innovative accounting software firms like Blackline Inc. and FloQast Inc., but its AI-native approach differentiates it from rivals. Its platform excels at synthesizing large volumes of data and providing insights that support decision-making.
Menlo Ventures Partner Croom Beatty stated that Numeric has tremendous potential to elevate its capabilities. “Its moat is a lot deeper than a lot of areas we were looking at. It marries complex workflow with complex data in a market that has not been well served by tech companies,” he said.
With the new funding, Numeric plans to expand its product offerings and explore opportunities in related markets, including financial planning and analysis.