AI-focused audit technology company Modus has raised $85m in Seed and Series A rounds to expedite the development of its platform.
The funding was led by Lightspeed Venture Partners, with Comma Capital and Garry Tan also participating.
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Modus was founded last year. Its team includes former employees of AWS, Bridgewater, Citadel, Palantir, Ramp and Thoma Bravo.
The company’s technology is designed to help accounting practices carry out “complex audits”. The platform also enables auditors to automate manual procedures, improve risk assessment and spend more time on judgment-driven work.
The company plans to use the new capital to expedite technology development, broaden its audit-focused product suite and continue backing accounting practices that align with its long-term strategy.
Modus co-founder and CEO Arush Jain said: “Audits serve as the cornerstone for trust in our capital markets, yet the underlying tools and workflows have not meaningfully changed in decades.
“This funding allows us to invest aggressively in AI-enabled audit tooling while partnering with exceptional firms that want to lead the profession forward, without sacrificing quality or culture.”
Commenting on the investment, Lightspeed partner Justin Overdorff said: “Public accounting has been historically underserved by technology. Modus intends to drive the industry forward with thoughtful product philosophy and a partnership-first approach that earns the trust of each firm they invest in.
“The Modus team has driven highly effective automation in key audit workflows and meaningfully increased efficiencies for firms performing audits, and we are excited to partner with them in building the world’s first AI native audit technology for accounting firms.”
