SAN FRANCISCO, Oct. 10, 2024 /PRNewswire/ — Numeric has raised a $28 million Series A round led by Menlo Ventures, with participation from new investors IVP and Socii Capital, and existing investors Founders Fund, 8VC, Long Journey, Access Industries, and Friends & Family Capital, and others. This investment will accelerate engineering hiring and product development, supporting Numeric’s aim to enable real-time decision-making from financial data.
In the past year, Numeric has experienced explosive growth, 4xing revenue and attracting high-profile customers including OpenAI, Brex, and Plaid. The new round comes on the heels of a $10M Seed Round announced just five months prior— bringing the total amount raised to $38M.
“We have looked at dozens of companies trying to help automate accounting workflows and have never seen the level of product love that world-class finance teams have for Numeric”, said Croom Beatty, Partner at Menlo Ventures.
Accounting teams have long been stuck between error-prone spreadsheets or disconnected point solutions, each addressing only a fraction of their needs.
Numeric is pioneering a new approach. “By sitting at the nexus of the close process, Numeric is building the financial data fabric to unify point solutions and workflows into a single platform. It’s clear that Numeric is quickly becoming the key pillar of the modern CFO stack”, Beatty expands.
“Today, most accounting teams spend 120 days per year on repetitive processes— and companies are forced to make decisions based on weeks-old to months-old data”, Parker Gilbert, CEO and Co-Founder of Numeric, explains. “Our team is building the first real-time accounting system. Where AI will review every single financial transaction; validate against standards and documentation; actively monitor for accuracy, and generate key review tasks for human accountants in the loop.”
This development comes at a critical time for the accounting industry, which faces a shortage of 340,000 professionals and a nearly 50% decline in CPA exam participants since 1990. Teams are short-staffed and overworked, creating a vicious cycle of accountants exiting the profession. Numeric’s platform automates manual work involved in the month-end close, such as balance sheet reconciliations and auto-drafted variance explanations.
“By leveraging GenAI, Numeric enables our team to close books faster, gain deeper insights, and boost productivity. Plaid is undergoing rapid growth, and we need partners that can respond to our needs at scale as we continue to grow. What truly sets Numeric apart is their ‘move fast’ mantra—whenever we need something, their team responds immediately, often delivering a fix or new feature within days. It’s a fantastic partnership, and we’re excited to see how Numeric continues to drive innovation in the accounting space”, shared current customer Sandy Yang, Head of Accounting at Plaid.
Founded four years ago, Numeric draws upon co-founder Parker Gilbert’s firsthand experience with the limitations of traditional accounting systems while scaling a finance team at a VC-backed startup. Their goal is to create a new genre of financial software that transforms financial operations from a retrospective process into a real-time strategic asset.
About Numeric
Numeric is an AI accounting automation platform, built to take manual work off accountants’ plates so they can focus on what’s impactful. Founded in 2020 by co-founders Anthony Alvernaz, Parker Gilbert, and Andrew Bihl, Numeric is headquartered in San Francisco and New York.
For more information, visit Numeric
SOURCE Numeric