Numeric Secures $51 Million Series B to Innovate Finance Automation and Expand Platform Offerings
Numeric, an innovative AI-driven accounting automation platform, has successfully completed a $51 million Series B funding round led by IVP, with notable participation from Menlo Ventures and other key investors including Founders Fund and Access Industries. This latest round brings Numeric's total funding to an impressive $89 million, positioning the company to expand its offerings beyond its initial focus on close management and establish a comprehensive financial platform designed for enterprise teams.
Founded in 2020 and headquartered in San Francisco, Numeric began with the goal of revolutionizing the accounting landscape by automating cumbersome manual processes. Their recent funding will facilitate the launch of multiple new products, enhancing its already strong lineup which includes Close Management and Analytics.
As part of the funding announcement, Numeric has debuted its cash management product, aimed at optimizing the reconciliation of bank transactions with general ledger entries. This step represents a significant advancement for finance teams, as cash management has been identified as one of the most challenging aspects of the closing process.
Historically, legacy systems offered low match rates—often under 30%—which forced finance teams to spend considerable time reconciling transactions manually. Numeric addresses this gap with an impressive auto-match rate of over 90%, ensuring accuracy and efficiency that drastically cuts down on the manual workload. Early adopters of the new cash management product, including well-regarded companies like Brex and Public.com, have already reported significant time savings, eliminating days of manual labor each month.
The drive for innovation is a core principle at Numeric. CEO Parker Gilbert shared that the company has not only been focusing on solving immediate accounting challenges but also has a broader vision to evolve accounting from a manual process into a real-time strategic function, powered by intelligent automation. Gilbert noted, "Each product we build enhances the other, aiming for a future where accountant roles shift significantly from clerical tasks to strategic oversight. This funding will greatly accelerate our mission."
Ajay Vashee, a General Partner at IVP, praised Numeric for its remarkable product execution, demonstrating a keen understanding of finance teams' needs. The company's commitment to expanding into analytics and cash management while maintaining high product quality reflects the robust differentiation in their services.
Kevin Moore, Controller at Brex, elaborated on the transformative experience they've had using Numeric, stating their match rates skyrocketed from 30% to over 90% after implementation, drastically reducing manual reconciliation time. This validates Numeric's prowess not merely as a project management tool but as a comprehensive solution that integrates seamlessly with automated cash reconciliation and broader ERP systems.
Numerics' strategic platform development echoes the principles behind successful enterprise companies like Salesforce, which revolutionized customer relationship management by expanding horizontally. Numeric's roadmap for 2026-2027 supports this vision, with plans to introduce additional products aimed at automating other vital accounting workflows.
Through its unique approach, Numeric effectively blends AI technology with human oversight, aimed at managing unstructured data while ensuring precision in calculations. CEO Gilbert emphasizes that while AI is a powerful tool, it requires careful application within the realm of accounting, where precision is paramount to prevent errors from compounding. This philosophy highlights Numeric's commitment to thoughtful and calculated integration of AI into their processes.
In summary, with a potent infusion of venture capital and an ambitious expansion strategy, Numeric is set to lead the charge in making significant strides in the finance automation landscape. As they launch new products and enhance their platform, thousands of finance teams could soon find their workflows significantly transformed, allowing for a sharper focus on strategic decision-making and less on tedious manual tasks.
Founded in 2020 and headquartered in San Francisco, Numeric began with the goal of revolutionizing the accounting landscape by automating cumbersome manual processes. Their recent funding will facilitate the launch of multiple new products, enhancing its already strong lineup which includes Close Management and Analytics.
As part of the funding announcement, Numeric has debuted its cash management product, aimed at optimizing the reconciliation of bank transactions with general ledger entries. This step represents a significant advancement for finance teams, as cash management has been identified as one of the most challenging aspects of the closing process.
Historically, legacy systems offered low match rates—often under 30%—which forced finance teams to spend considerable time reconciling transactions manually. Numeric addresses this gap with an impressive auto-match rate of over 90%, ensuring accuracy and efficiency that drastically cuts down on the manual workload. Early adopters of the new cash management product, including well-regarded companies like Brex and Public.com, have already reported significant time savings, eliminating days of manual labor each month.
The drive for innovation is a core principle at Numeric. CEO Parker Gilbert shared that the company has not only been focusing on solving immediate accounting challenges but also has a broader vision to evolve accounting from a manual process into a real-time strategic function, powered by intelligent automation. Gilbert noted, "Each product we build enhances the other, aiming for a future where accountant roles shift significantly from clerical tasks to strategic oversight. This funding will greatly accelerate our mission."
Ajay Vashee, a General Partner at IVP, praised Numeric for its remarkable product execution, demonstrating a keen understanding of finance teams' needs. The company's commitment to expanding into analytics and cash management while maintaining high product quality reflects the robust differentiation in their services.
Kevin Moore, Controller at Brex, elaborated on the transformative experience they've had using Numeric, stating their match rates skyrocketed from 30% to over 90% after implementation, drastically reducing manual reconciliation time. This validates Numeric's prowess not merely as a project management tool but as a comprehensive solution that integrates seamlessly with automated cash reconciliation and broader ERP systems.
Numerics' strategic platform development echoes the principles behind successful enterprise companies like Salesforce, which revolutionized customer relationship management by expanding horizontally. Numeric's roadmap for 2026-2027 supports this vision, with plans to introduce additional products aimed at automating other vital accounting workflows.
Through its unique approach, Numeric effectively blends AI technology with human oversight, aimed at managing unstructured data while ensuring precision in calculations. CEO Gilbert emphasizes that while AI is a powerful tool, it requires careful application within the realm of accounting, where precision is paramount to prevent errors from compounding. This philosophy highlights Numeric's commitment to thoughtful and calculated integration of AI into their processes.
In summary, with a potent infusion of venture capital and an ambitious expansion strategy, Numeric is set to lead the charge in making significant strides in the finance automation landscape. As they launch new products and enhance their platform, thousands of finance teams could soon find their workflows significantly transformed, allowing for a sharper focus on strategic decision-making and less on tedious manual tasks.
Topics Financial Services & Investing）
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