Corporate accounting software developer Trullion has secured $30m in its latest funding round as it looks to accelerate its growth and product development.
The funding round included a $15m Series A investment, which was led by Third Point Ventures and an additional $15m led by Stepstone Group. All of Trullion’s existing investors, Aleph and Greycroft, joined the round.
This capital has been earmarked to accelerate the growth of its AI-based applications and develop two new modules that support audit and revenue recognition.
Trullion’s AI-powered accounting platform connects corporate controllers, CFOs and external auditors on one platform. This gives a single source of truth for financial leaders.
The platform leverages AI and machine learning to automate accounting and compliance workflows, including lease accounting revenue recognition and audit automation.
Commenting on the funding round, Trullion CEO Isaac Heller said, “It is a pivotal moment now for the financial sector and our solution creates transparency at a time when that is needed most.
“We had a strong balance sheet from our Series A, but given our 2022 performance and multi-year growth prospects, we saw an opportunity to bolster our product investment while bringing on a top global investment partner in Stepstone.”
StepStone Group partner John Avirett added, “It’s a great company at a critical time in the accounting world,
“We believe this is the right time to get on board. The financial industry needs powerful, cost-effective technology that can automate critical processes and minimise risk. Companies are also discovering that AI and accounting automation is essential to keeping up with financial standards.”
The FinTech company has raised a total of $34m since it launched in 2020.
Earlier in the month, nZero, a near real-time carbon management and accounting platform, scored $16m in a Series A funding round.
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