Numeric, a startup aiming to transform financial data management, has raised $28 million in a Series A funding round. This investment, led by Menlo Ventures, comes just five months after the company's $10 million seed round, highlighting rapid growth and investor confidence in Numeric's AI-powered accounting platform.
The funding round also saw participation from new investors IVP and Socii Capital, alongside existing backers including Founders Fund, 8VC, and Long Journey. This influx of capital will fuel Numeric's research and development efforts, as the company seeks to redefine how businesses handle their financial data.
Numeric's platform addresses a persistent challenge in accounting: the time-consuming, error-prone process of organizing and reconciling financial information. By leveraging AI, the software automates critical month-end workflows, monitors data in real-time, and generates explanations for financial fluctuations.
The startup has seen impressive traction, with its annual recurring revenue quadrupling over the past year. High-profile clients such as OpenAI, Plaid, and Brex have adopted Numeric's solution, signaling strong market demand for innovative accounting tools.
Parker Gilbert, Numeric's CEO and co-founder, explained the platform's impact: "We're enabling accounting teams to move beyond being scorekeepers in spreadsheets. Our goal is to empower them to provide strategic guidance that drives business forward."
Croom Beatty, partner at Menlo Ventures, highlighted Numeric's potential: "Numeric's moat is a lot deeper than a lot of areas we were looking at. It marries complex workflow with complex data in a market that has not been well served by tech companies."
As artificial intelligence continues to advance, Numeric envisions a future where accountants transition from data preparers to strategic reviewers. This shift could fundamentally change how businesses approach financial management and decision-making.
While Numeric faces competition from established players like Blackline and FloQast, its AI-centric approach sets it apart in the accounting software market. The company's ability to synthesize large quantities of data and provide actionable insights positions it well for future growth.
With this new funding, Numeric is poised to expand its product offerings and potentially enter adjacent markets such as financial planning and analysis. As businesses increasingly seek ways to streamline their financial operations, Numeric's AI-driven solution could play a pivotal role in shaping the future of accounting technology.