Numeric, an AI-powered accounting automation firm based in San Francisco and New York, has successfully secured $10m in a Seed funding round.
The investment was led by Founders Fund and included contributions from Menlo Ventures, 8VC, Long Journey, Friends & Family Capital, among others.
The company, founded in 2020 by CEO Parker Gilbert along with Anthony Alvernaz and Andrew Bihl, is dedicated to automating the repetitive aspects of accounting tasks. Numeric aims to streamline month-end closes and enhance financial reporting accuracy, making them a leader in accounting automation. Their solutions are already being utilised by several high-profile companies, including Brex, Plaid, and Wealthfront.
With the new funds, Numeric plans to expand its R&D team and continue developing its product offerings. The goal is to evolve the platform into an AI-assistant for accountants, allowing them to shift focus from manual tasks to more strategic roles such as financial analysis and advisory services.
Parker Gilbert, CEO and Co-Founder of Numeric, said, “AI has created an opportunity to rethink accounting workflows and to build a new generation of truly intelligent software.
“With this funding, we’re building towards a future where accountants will be able to automate their most recurring work and focus instead on empowering their business to make the best decisions. Increasingly, accounting teams’ primary role will be of editor, interpreter, and architect of the financial operations system.”
Lee Jacobs, General Partner at Long Journey, said, “We believe Numeric is setting a new standard for what technology can achieve in accounting. With an aggressive pace of progress integrating AI and rapid growth with new customers, Numeric is quickly becoming an indispensable tool for the modern accounting team. We are thrilled to be a part of their journey.”
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