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May 7, 2024
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4
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Numeric Raises $10M to Transform Accounting with AI

We're excited to share we've raised $10 million in funding from leading investors.

Parker Gilbert
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Today, we are proud to share that Numeric supports hundreds of growing companies, from startups to publicly traded businesses, including Plaid, Brex, and Wealthfront.

With an investment of $10 million from Founders Fund, Long Journey, Menlo Ventures, 8VC, Friends & Family Capital, Fifth Down, and more, we plan to accelerate our product roadmap and hiring, focusing on areas where AI can cut down significantly on manual work in accounting.

Founding Numeric & The Problem We Solve

Before founding Numeric, I led the finance and accounting team at a fast-growing, venture-backed start-up. 

Every month as our team closed the books, I was frustrated at the amount of extremely manual work. Hours spent locating discrepancies. Enormous data downloads. The same Excel pivots each month. 

Repetitive tasks and recurring work stood directly in the way of strategic projects that could provide real value to the business and propel our team members’ careers.

Overwhelmingly, this is true for accountants worldwide. After years of investing in education and ongoing certifications, accountants are buried in the laundry list of tasks to complete each month, overworked and understaffed. 

And accountants are leaving the profession — there’s a nationwide shortage of 350,000 accountants and 75% are near retirement age.

Recognizing the manual work burden on accountants, co-founders Anthony Alvernaz, Andrew Bihl, and I set out to build the product that I’d wanted when leading an accounting function — one that finally enabled accountants to focus on high-impact work.

Pictured: Co-founders Andrew Bihl, Parker Gilbert, and Anthony Alvernaz left to right

The Potential of AI 

With the AI landscape shifting fast and models getting better every month, it’s an exciting, uncertain time to be building technology. 

And due to the ongoing accountant shortage and too much repetitive and manual work — accounting is a rare arena where the potential impact of AI is both clear and positive. 

Take generating flux analysis as a point example. Every month, teams typically download Excel spreadsheets from their core accounting system and then comb through for what’s changed month over month in a spreadsheet treasure hunt. 

With Numeric, accountants now leverage AI to generate the first draft of an explanation. Numeric AI combs through every transaction line in the account, compares to prior months, and then surfaces key drivers of change using a template set by the team. 

Preparers become reviewers. AI tackles much of the manual work involved and accountants layer in business context, nuance, and interpret the data.

And this is just the beginning. We believe that the role of an accountant will be fundamentally reshaped in coming years. 

With this funding, we’re building towards a future where accountants will be able to automate their most recurring work and focus instead on empowering their business to make the best decisions. 

Increasingly, accounting teams’ primary role will be of editor, interpreter, and architect of the financial operations system. 

Progress to Date and the Path Ahead 

Today, hundreds of public and private companies — including Brex, Plaid, and Wealthfront — leverage Numeric to perform technical accounting research, proactively flag data discrepancies, draft variance explanations, and automate recurring month-end close processes. 

From the start, we knew that in order to build a product that truly transforms the way accountants work, two things had to be true — this product needed to integrate more deeply with a company’s existing financial graph than any current product on the market and that AI needed to be natively woven into core accounting workflows. 

As we’ve built in that direction, customers continue to be excited about the pace of progress and what they are able to automate with Numeric. 

But, there’s a lot of work ahead in this next chapter.

To get to this point, we’ve assembled a team of engineers and accountants from leading businesses who are aligned on the future we’re building for accountants, the pace of progress necessary, and a shared commitment to making our customers successful. 

Our focus in the coming months with the new funding will be to further develop our existing products and expand the surface area of accounting challenges our product solves. 

If you’re interested in that future, see opportunities to join our team or schedule a demo of Numeric. 

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