Numeric, a company specializing in accounting software development, has raised $28 million in funding through a Series A investment round, led by Menlo Ventures. Based in the United States, Numeric’s investment round also included participation from IVP, Socii, Founders Fund, Long Journey, 8VC, Friends & Family Capital, and Fifth Down.
Numeric announced that it will use the new investment to enhance product development, expand its market reach, grow its team, and create new products.
Founded in 2020 by Parker Gilbert, Numeric’s accounting software automates certain aspects of month-end and quarter-end closing processes for accounting teams. By leveraging artificial intelligence to simplify data analysis and reporting processes, the company enables accounting teams to work more efficiently while minimizing the risk of human error and improving the accuracy of financial reporting.
The company utilizes generative artificial intelligence technology to collect financial data from various accounting systems and Excel spreadsheets. Numeric’s AI analyzes data changes each month to explain discrepancies in accounts.
At its core, Numeric helps accountants save time on document preparation. The company aims to modernize traditional accounting practices and plans to offer additional services such as financial planning and analysis in the future.
Moreover, traditional accounting software tends to be complex and not sufficiently technology-focused. Numeric is addressing this gap in the market.
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Arwen Volkov, A graduate of the University of St. Gallen in Switzerland with a degree in International Finance, Arwen specializes in sustainable finance and green investments. She began her career at an investment bank in London, where she developed financing models for environmentally friendly projects. Known for her analytical and strategic thinking skills, Arwen is a sought-after financial consultant. In her spare time, she mentors fintech startups, contributing to their growth strategies. She is also a nature enthusiast and an amateur photographer.