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Auditoria, a startup offering AI-driven automation products for corporate finance teams, today announced that it raised $15.5 million in series A funding. Cofounder and CEO Rohit Gupta says that the proceeds will shore up Auditoria’s investments in data science and the expansion of its sales, marketing, and customer success teams. .
It’s estimated that accountants lose thousands of hours to repetitive tasks, follow-ups, error checking, and data entry. But studies show that the vast majority of these workloads can be automated. That may be why over 50% of respondents in a survey conducted by the Association of Chartered Certified Accountants said they anticipate the development of automated and intelligent systems will have an impact on finance over the next 30 years.
Auditoria, which was founded in 2019, offers software that aims to streamline collections and procurement processes through the use of AI. A combination of machine learning, computer vision, robotic process automation, optical character recognition, and natural language processing enable Auditoria’s platform to augment the work of human accountants. The company claims it can handle certain tax obligations and expense management as well as vendor onboarding via auditable journal entries.
Auditoria’s workflow orchestration engine draws on data from clients’ email inboxes, apps, and other financial systems of record, leveraging algorithms to bring in human experts where necessary. Auditoria says its software can communicate with stakeholders using natural language while monitoring high-risk accounts with incentives and promotions for clients. Beyond this, Auditoria can respond to payment inquiries, capture supplier data, and automate the forecasting of financial key [performance indicators (KPIs).
While 25-employee Auditoria competes with Botkeeper and Zeni in an accounting software market projected to be worth $19.59 billion by 2026, according to Mordor Intelligence, the company is among the first that’s enterprise resource planning-centric in Gupta’s mind. He says that more than 200 organizations are using Auditoria’s tools.
“Despite launching out of stealth during the pandemic, Auditoria has seen incredible growth and traction,” Gupta said. “The team’s focused efforts to provide a purpose-built solution for corporate finance struck a chord with the forward-looking, next-gen finance executives looking to adopt software to drive greater efficiencies and increase resiliency across the back office.”
Brian Ascher, partner at investor Venrock, added, “Finance operations automation is the future for corporate finance. We have been on the hunt to invest in the right team with the experience and innovative technology necessary to transform corporate finance, and we have found that in Auditoria. We envision a day when every global finance team is using Auditoria to streamline and automate back-office operations.”
Venrock led Santa Clara, California-based Auditoria’s oversubscribed round announced today, which saw participation from Workday Ventures and existing investors including B Capital Group, Engineering Capital, Firebolt Ventures, and Neotribe Ventures.
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Author: Kyle Wiggers