Valid8 Financial has revealed an $8.5 million Series A funding round led by Silverton Partners. Other investors include, Touchdown Ventures, First Trust, CPA.com and Capital Midwest
Roger Chen, a partner with Silverton Partners, will join the board of Valid8.
Valid8 claims to be the global leader in Verified Financial Intelligence (VFI). The company offers a platform that extracts accounting evidence from documents and systems to efficacy and speed of auditing. The service incorporates an AI accounting solution for accounting and law firms, that claims to analyze complex financial transactions in hours instead of weeks.
Chris McCall, CEO and co-founder of Valid8 Financial, explains that financial crime is some of the most complex cases in the justice system and Valid8 can “expedite the process while meeting the highest data quality standards for courtroom-ready evidence that expert witnesses can rely on.”
The automation includes banking transactions as well as Bitcoin deposits and withdrawals. The service “provides visualizations that demonstrate the flow of funds and clarifies which transactions require further evaluation by a professional investigator.”
Valid8 user Jason Wright, Managing Director at Stout, a global investment bank and advisory firm, claims the service has transformed how their teams work saving them time and effort.
“Valid8’s technology is designed to eliminate sample risk from accounting,” added McCall. “It’s eye-opening to have the complete picture and not be forced to base one’s opinion on a finite portion of a financial history.”
Investor Chen believes that accounting is ripe for innovation in a world of crypto and digital banking, hence the support of the firm.
The new funding is expected to be used to further invest in engineering and go-to-market teams.