DataSnipper, the forefront player in intelligent automation for audit and finance professionals, has successfully raised a $100 million Series B funding round led by Index Ventures, propelling the company’s valuation to an impressive $1 billion.
Facing unprecedented challenges, the auditing sector grapples with intensified regulatory scrutiny and the escalating volume of data. This confluence has led auditors to navigate through manual processes, causing inefficiencies and bottlenecks in their workflow.
Alarming statistics reflect the strain on auditors:
- One in five auditors departs annually.
- A staggering 80 percent leave their companies within five years.
- As many as 82 percent with six or more years of experience exit the profession within a year.
DataSnipper’s innovative AI-powered platform addresses the core issues contributing to auditor burnout by injecting efficiency and satisfaction into the audit process.
The platform seamlessly integrates automation into Excel, liberating auditors from arduous manual tasks. By simply ‘snipping’ numbers from various files, such as invoices or bank statements, auditors can automatically reconcile transactions, generating foolproof audit trails with a single click. Tasks that once consumed hours can now be accomplished in seconds, empowering auditors to shift their focus from mundane activities to strategic insights.
Utilizing DataSnipper’s tool, auditors can automate up to 90% of routine tasks, significantly reducing costs and fostering business growth.
Established six years ago, DataSnipper has consistently doubled its revenue year after year. With a global reach spanning 125 countries and serving over 400,000 auditors, including renowned brands like Deloitte, KPMG, Ernst & Young, and PwC, the platform has reshaped the audit landscape.
Vidya Peters, CEO of DataSnipper, envisions a cultural shift in auditing, freeing professionals to leverage their specialized skills. She states, “Our customers tell us we’ve made their job fun for the first time. By automating repetitive tasks, DataSnipper redefines the ground rules through technology.”
Hannah Seal, partner at Index Ventures, expresses enthusiasm about supporting DataSnipper’s growth, recognizing it as a solution addressing a profound need among auditors and finance teams. The new funding will propel DataSnipper into diverse sectors, expanding its reach to internal auditors, tax advisors, forensic accountants, and other domains involving data reconciliation.
The company is already making strides in markets across the Asia-Pacific and Latin America, counting Hilton, Siemens, Frontier Airlines, and the Government of Queensland among its esteemed clients.
