Numeric raises $28M in Series A

TL;DR:

Numeric raised $28M in Series A funding to enhance product development and expand its team. The company is on a mission to make accounting less of a headache and more of a real-time, automated process.

Numeric, the financial automation platform, just raised a whopping $28 million in Series A funding, led by Menlo Ventures.

It’s like a shot of caffeine for their product development and hiring goals—yes, they’re building a dream team.

But wait, there’s more!

Other investors like IVP, Socii Capital, and even their friends and family joined the party. All in all, this brings their total funding to a cool $38 million.

Now, for the fun part: why does this matter?

Well, in the past year, Numeric has been on a rocketship, quadrupling their revenue and scoring high-profile customers like OpenAI, Brex, and Plaid.

Parker Gilbert, CEO and Co-Founder of Numeric, said:

"Our team is building the first real-time accounting system. Where AI will review every single financial transaction; validate against standards and documentation; actively monitor for accuracy, and generate key review tasks for human accountants in the loop."

And no, it’s not just because they have a fancy name. Their tech actually automates accounting workflows, saving accountants from the daily grind of spreadsheets that seem to never end.

Numeric’s secret sauce?

They’re building something bigger than just another financial tool. By unifying point solutions into one seamless platform, they’re making sure CFOs can finally stop juggling a million tools.

Their platform even uses AI to review transactions in real-time, flag errors, and make accountants feel like superheroes (minus the capes, unfortunately).

Given the accounting industry’s struggle with staffing shortages and plummeting CPA exam participation rates (sounds fun, right?), this automation is a breath of fresh air.

The team at Numeric is on a mission to turn number-crunching into something efficient, not something that gives you a headache.

With this latest funding round, Numeric is setting the stage to become the backbone of every modern CFO’s tech stack.

Yes, we can expect a lot more AI and a lot fewer headaches.