Numeric Secures $28 Million Series A to Revolutionize Accounting

Numeric Secures $28 Million Series A Funding

Numeric has successfully closed a significant $28 million Series A funding round, led by Menlo Ventures, with additional participation from investors like IVP, Socii Capital, Founders Fund, 8VC, Long Journey, Access Industries, Friends & Family Capital, and others. This capital injection is set to fast-track Numeric's plans to enhance engineering and product development, enabling real-time decision-making from financial data.

Explosive Growth and Prominent Clientele

Over the last year, Numeric has demonstrated remarkable growth, increasing its revenue by four times and attracting major clients such as OpenAI, Brex, and Plaid. This new funding round follows a $10 million Seed Round secured just five months earlier, making the total amount raised by Numeric a notable $38 million.

Simplifying Accounting Workflows

Croom Beatty, a Partner at Menlo Ventures, commented on Numeric's success, noting that among countless companies focused on automating accounting workflows, none have received as much enthusiasm from top finance teams as Numeric has. Traditional accounting teams often find themselves bogged down by error-prone spreadsheets or fragmented software solutions, leaving many needs unmet.

Innovative Solutions for Modern CFOs

Numeric is revolutionizing the finance landscape by creating a comprehensive platform that integrates disparate solutions and workflows. The company's vision is to establish a financial data fabric that supports the modern CFO's toolkit effectively.

Addressing Industry Challenges

Parker Gilbert, CEO and Co-Founder of Numeric, highlighted a critical pain point in the industry: teams often dedicate an astonishing 120 days annually to repetitive tasks, leading companies to rely on outdated information. The team aims to create the first real-time accounting system, utilizing AI to scrutinize every financial transaction, ensuring standards compliance, and monitoring accuracy while generating important tasks for human accountants.

Alleviating Staffing Shortages

The accounting field is currently grappling with a shortage of approximately 340,000 professionals, alongside a dramatic 50% decline in CPA exam participants since 1990. Given the existing staff shortages, Numeric's platform aims to automate many tedious aspects of month-end closing procedures, facilitating smooth reconciliations and variance explanations.

Customer Success Stories

Sandy Yang, Head of Accounting at Plaid, shared insights about her experience with Numeric, stating that their platform allowed for swift book closure and deeper analytical capabilities, essential for a thriving organization like Plaid. The responsiveness of Numeric's team in delivering fixes and features promptly has been a significant factor in establishing a strong partnership.

Company Overview

Founded only four years ago, Numeric was developed by co-founders Parker Gilbert, Anthony Alvernaz, and Andrew Bihl, who aimed to create innovative accounting solutions based on firsthand experiences with conventional systems. Their mission focuses on transforming financial operations from a retrospective model into a strategic, real-time asset.

The Future of Numeric

With the newfound resources and commitment to innovation, Numeric is poised to redefine the accounting software market landscape, ultimately helping finance teams navigate their challenges with unmatched efficiency.

Frequently Asked Questions

What does Numeric do?

Numeric is an AI-driven accounting automation platform designed to reduce manual tasks for accountants, facilitating a focus on strategic initiatives.

Who are Numeric's primary investors?

The Series A funding was led by Menlo Ventures, with participation from investors including IVP, Socii Capital, and Founders Fund among others.

How has Numeric grown recently?

Numeric has quadrupled its revenue and acquired high-profile clients like OpenAI and Plaid in the last year, showcasing its significant growth trajectory.

What challenges does the accounting industry face?

The accounting field faces severe staffing shortages and declining CPA exam participation, creating workload challenges for existing professionals.

How does NBumeric leverage AI?

Numeric employs AI technology to analyze and validate financial transactions in real-time, enhancing accuracy and streamlining accounting processes.

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