Numeric harnesses the power of AI to save accountants' time and effort
Numeric, an AI-powered accounting platform, has raised $28 million in a Series A round to develop its solution that integrates with existing financial systems and uses AI to streamline accounting workflows, having already secured notable clients and experiencing significant growth.
Numeric co-founder and CEO Parker Gilbert has experienced how frustrating the manual work involved in leading finance and accounting teams can be. Following his experience at a venture-backed startup and motivated by the struggles endured by enterprises due to the current shortage of accountants, Gilbert joined forces with co-founders Anthony Alvernaz and Andrew Bihl to create what he describes as "the product that I’d wanted when leading an accounting function — one that finally enabled accountants to focus on high-impact work."
Numeric says it already supports hundreds of companies of all sizes, from startups to publicly traded businesses, including notable clients like OpenAI, Plaid, Brex, and Wealthfront. Driven to avoid superficial quick-fix solutions, the co-founding team ideated the Numeric platform as one that integrates deeply with existing financial systems and weaves AI into core accounting workflows.
As a result, Numeric's approach helps accountants monitor their data in real time to detect and correct errors quickly, automate month-end workflows and reconciliations, leverage AI to explain trends and fluctuations, and easily generate sophisticated financial reports. Numeric's approach not only saves accountants' time but lets businesses reap the benefits of the timely delivery of accurate and actionable financial data.
The company recently announced it has raised $28 million in a Series A round led by Menlo Ventures, and supported by new investors IVP and Socii Capital. Existing investors, including Founders Fund, 8VC, Long Journey, Friends & Family Capital, and Access Industries, also contributed to the funding round. Numeric has closed this round just five months after the successful completion of its $10 million seed round, and right after confirming a 4x growth in its ARR.
