Audit Sight, which develops auditing technology for financial services, has collected $2.5m in its seed round.
Hyde Park Venture Partners served as the lead investor, with commitments also coming from Alumni Ventures Group. Several angel investors also joined the round, including Greenlight CEO Johnson Cook, Sprout Social co-founder Aaron Rankin and Guidewire co-founders John Seybold and Ken Branson.
Audit Sight claims that the audit service industry is expected to be worth $43bn in the US. Despite the size of the industry, the audit process is laboursome and time consuming, with it often taking months to complete.
The FinTech company, which was founded in 2021, leverages APIs to access a client’s records, removing the need of to ask for them and waiting for a recordkeeper compile and send them. After a client connects their accounts, Audit Sight gathers the necessary data for audit tests and then leverages computer-assisted auditing techniques to automate the testing of accounting records against third-party source documentation.
Additionally, the technology provides boosted assurance to auditors and clients, thanks to its ability to review larger samples, if not everything.
Audit Sight co-founder and CEO T.C. Whittaker said, “After spending my career working on financial statement audits, I have seen how complicated and cumbersome they are.
“I always felt like you couldn’t design a worse customer experience than the audit even if you sat down and tried. Audit Sight takes the pain out of the process for both the auditors and their clients, but it is especially beneficial for clients who have to dedicate huge amounts of time and effort to pulling documents.”
As part of the deal, Hyde Park Venture Partners partner Ira Weiss has joined Audit Sight’s board of directors.
Earlier in the week, tax software developer Clear secured $75m in Series C funding. The Indian FinTech company hopes the capital will support its international growth.
Copyright © 2021 FinTech Global