Numeric Secures $28M Series A to Revolutionize Accounting with AI Automation
The Pain Points of Traditional Accounting
Month-end and quarter-end closings are notorious for being manual, error-prone, and time-consuming processes—a headache for accountants everywhere. In 2020, Parker Gilbert, frustrated by the inefficiencies of managing startup finances, co-founded Numeric, an AI-powered accounting platform designed to streamline book-closing workflows.
How Numeric Transforms Accounting with AI
Numeric leverages generative AI to automate critical aspects of financial reconciliation, helping accounting teams save days each month. The platform aggregates data from multiple accounting systems and Excel spreadsheets, then deploys an AI agent to analyze variances between periods.
Key Features:
- Automated Flux Analysis: The AI identifies outliers (e.g., unexpected spikes in legal expenses) and explains changes with contextual insights.
- Transparency: Accountants can verify AI-generated explanations through linked source data, mitigating concerns about hallucinations.
- Scalability: Numeric’s revenue grew 4x in the past year, now serving high-profile clients like OpenAI, Brex, and Plaid.
Investor Confidence and Market Potential
Just five months after a $10M seed round, Numeric closed a $28M Series A led by Menlo Ventures, with participation from IVP, Socii, and existing investors like Founders Fund and 8VC.
Why Investors Are Betting on Numeric:
- Deep Moat: Combines complex workflows with underserved market needs, according to Menlo Ventures’ Croom Beatty.
- Future Expansion: Potential to expand into financial planning and analysis (FP&A), challenging incumbents like Anaplan.
- Competitive Edge: Outpaces rivals like BlackLine and FloQast by integrating AI-driven automation.
The Road Ahead for AI in Accounting
While Numeric’s current AI focuses on variance analysis, CEO Parker Gilbert envisions broader applications:
“LLMs excel at synthesizing data, and their capabilities will only improve.”
As the accounting software market evolves, Numeric’s AI-first approach positions it as a disruptor in a sector ripe for innovation.
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