AI accounting automation platform Numeric has raised a $28 million Series A round. It was led by Menlo Ventures, with participation from new investors IVP and Socii Capital, and existing investors Founders Fund, 8VC, Long Journey, Access Industries, Friends & Family Capital, and others. This investment will accelerate engineering hiring and product development.
In the past year, Numeric attracted customers including OpenAI, Brex and Plaid. The new round comes on the heels of a $10M seed round announced just five months ago, 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. “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.”
“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,” said Parker Gilbert, CEO and co-founder of Numeric. “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’s head of accounting Sandy Yang said. “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.”
