Numeric Raises $28 Million in Series A
Numeric, a San Francisco, CA-based AI accounting software company, has raised $28 million in Series A funding.
The round was led by Menlo Ventures, with new investments from IVP and Socii Capital, along with continued support from existing investors, including Founders Fund, 8VC, and Access Industries.
Menlo Ventures is a venture capital firm that invests in seed-stage, early-stage, later-stage, and growth-stage companies. Founded in 1976, the firm focuses on seven areas: AI, Bio + Healthcare, Consumer, Cloud Infrastructure, Cybersecurity, Fintech, SaaS, and Supply Chain + Automation.
The company will use the funding to enhance its research and development efforts. With the injection capital, Numeric plans to expand its team and product offerings.
Founded in 2020 by Anthony Alvernaz, Parker Gilbert, and Andrew Bihl, Numeric focuses on automating accounting workflows and improving the management of financial data for businesses. Its platform leverages artificial intelligence to help accounting teams streamline their processes. Numeric automates the month-end book-closing process, using AI to analyze financial data from various sources and provide insights on variances. The company has attracted notable clients, including major tech firms like OpenAI and Plaid, indicating its relevance in the industry.
Funding Details
Company: Numeric
Raised: $28.0M
Round: Series A
Funding Date: October 2024
Lead Investor: Menlo Ventures
Additional Investors: IVP, Socii Capital, Founders Fund, 8VC, Access Industries
Company Website: https://www.numeric.io/
Software Category: AI Accounting