Numeric secures $28M Series A for AI accounting automation

In 2020, Parker Gilbert co-founded Numeric in the United States to address the challenges faced by accountants during month-end and quarter-end closings. The company has developed an accounting software that automates parts of the book-closing process, significantly reducing the time and effort required. With the integration of generative AI, Numeric has enhanced its capabilities, allowing it to be utilized by notable companies such as Brex and OpenAI. Recently, Numeric raised $28 million in a Series A funding round led by Menlo Ventures, following a $10 million seed round just five months prior. This funding reflects the growing interest from investors as Numeric's revenue has quadrupled over the past year. The software aggregates and reconciles data from various accounting systems and Excel spreadsheets, utilizing an AI agent to identify changes and explain variances in financial records. This process, known as flux analysis, saves accountants significant time by automating the documentation of account variations. Although concerns about AI hallucinations exist, Gilbert assures that Numeric provides links for accountants to verify the AI's findings. Croom Beatty from Menlo Ventures highlighted Numeric's unique position in the market, noting its complex workflow and data integration capabilities. The company competes with established players like Blackline and FloQast, but its innovative approach sets it apart. Beatty anticipates that Numeric will expand its offerings to include financial planning and analysis tools in the future, further solidifying its market presence. Overall, Numeric's advancements in accounting automation and AI integration position it as a disruptive force in the accounting software industry, attracting significant investment and interest from major companies.