Numeric grabs $28M Series A to automate accounting using AI

Here’s a structured list based on the provided information about Numeric:

Startup

• Name: Numeric
• Founded by: Parker Gilbert (CEO)

Fundraising Rounds

1. Seed Round

   • Amount Raised: $10 million
   • Date: Not specified, but it was mentioned to have occurred 5 months before the Series A funding.
2. Series A
   • Amount Raised: $28 million
   • Date: Not specified.

Funds and Investors

• Lead Investor for Series A: Menlo Ventures
• New Investors: IVP, Socii
• Previous Backers:
  • Founders Fund
  • Long Journey
  • 8VC
  • Friends & Family Capital
  • Fifth Down

Key Metrics

• Revenue Growth: Increased fourfold to the single-digit millions within the last year.
• Major Clients: Brex, OpenAI, Plaid, Wealthfront

Additional Information

• Competitors: BlackLine (publicly traded), FloQast (valued at $1.6 billion during Series E in April 2023).
• Technology Used: Generative AI for month-end and quarter-end account analysis.
• Unique Selling Proposition: Reduces time spent on the book-closing process by automating data aggregation and variance analysis.

This structured overview summarizes Numeric’s funding, investors, and key aspects of its business model and growth.

Source link

2024-10-10 16:00:00