Numeric, an AI-powered accounting automation company, has secured $10 million in a Seed round from investors including Founders Fund, Menlo Ventures, 8VC, Long Journey, and Friends & Family Capital, among others.
Founded in 2020 by Parker Gilbert, Anthony Alvernaz, and Andrew Bihl, Numeric is headquartered in San Francisco and New York. The company brings together a diverse team of engineers and accountants from innovative and fast-growing businesses to drive AI-powered automation in the accounting industry.
Numeric has emerged as a frontrunner in accounting automation, with numerous private and public companies, including Brex, Plaid, and Wealthfront, leveraging its platform for various accounting tasks. These include technical accounting research, data discrepancy detection, variance explanation drafting, and automating recurring month-end close processes.
CEO and Co-Founder of Numeric, Parker Gilbert, highlighted the transformative potential of AI in reimagining accounting workflows. He envisions a future where accountants can automate repetitive tasks, allowing them to focus on strategic decision-making. With the current shortage of accountants nationwide, there is a growing need for solutions that streamline workflows and optimize resource allocation.
Customer testimonials, such as one from Jane Rudneva, Senior Director of Accounting and Deputy CFO at Wealthfront, underscore the value Numeric brings to accounting teams by reducing manual workloads and providing greater visibility into the month-end close process.
The additional funding will support research and development efforts and hiring initiatives, as Numeric aims to develop new products and expand its team. The company envisions a future where every accountant will have access to AI assistance, empowering them to focus on strategic, advisory, and analytical aspects of their work.
Investors, including Lee Jacobs, General Partner at Long Journey, express confidence in Numeric’s potential to redefine accounting technology standards. With its aggressive pace of progress and rapid customer growth, Numeric is positioned to become an indispensable tool for modern accounting teams.
