Numeric raises $28 million to revolutionise accounting software

The AI-powered accounting startup sees rapid growth.

 Accessories, Formal Wear, Tie, Blazer, Clothing, Coat, Jacket, Body Part, Hand, Person, Finger, Suit, Necktie, Photography

Numeric, an AI-driven accounting software company co-founded by Parker Gilbert in 2020, is gaining traction for automating the tedious and error-prone process of month-end and quarter-end financial closings. Frustrated with manual accounting work at a startup, Gilbert developed the software to streamline and accelerate the process by using AI to analyse and reconcile data from various accounting systems. Companies like Brex, OpenAI, and Plaid now rely on Numeric for their accounting needs.

In the past year, Numeric’s revenue has grown fourfold, reaching single-digit millions. This growth has attracted significant investor attention, leading to a $28 million Series A funding round led by Menlo Ventures, just five months after raising $10 million in seed funding. The round also saw participation from new investors like IVP and Socii, alongside previous backers such as Founders Fund and Long Journey.

Numeric’s software uses AI to perform flux analysis, identifying changes in financial line items and explaining discrepancies, which saves accountants time and improves accuracy. Although AI currently supports analysis and commentary rather than final calculations, Gilbert expects future versions of the software to expand these capabilities. Menlo Ventures’ Croom Beatty, who led the Series A round, highlighted Numeric’s ability to address complex accounting workflows, setting it apart in a market dominated by established players like BlackLine and FloQast.