Numeric, an innovative AI accounting automation platform headquartered in San Francisco and New York, has successfully closed a $28m Series A funding round.
This substantial investment was spearheaded by Menlo Ventures, accompanied by new investors IVP and Socii Capital, as well as existing stakeholders including Founders Fund, 8VC, Long Journey, Access Industries, Friends & Family Capital, and others.
The recent funding aims to bolster engineering teams and enhance product development at Numeric. This strategic financial injection will support the company’s mission to enable real-time decision-making capabilities through advanced financial data processing.
At the core of its operations, Numeric is setting a new standard in financial management. By integrating various point solutions and workflows into a singular platform, Numeric is pioneering the financial data fabric essential for modern CFOs. This approach is rapidly establishing Numeric as a critical component of the modern financial stack, essential for streamlined and efficient financial operations.
Croom Beatty, Partner at Menlo Ventures, expressed his enthusiasm for the platform. Beatty said, “We have looked at dozens of companies trying to help automate accounting workflows and have never seen the level of product love that world-class finance teams have for Numeric.”
Parker Gilbert, CEO and co-founder of Numeric, detailed the operational efficiencies brought by their innovations, “Today, most accounting teams spend 120 days per year on repetitive processes— and companies are forced to make decisions based on weeks-old to months-old data.
“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.”
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