Numeric, an AI-driven accounting automation platform, has raised $51m in a Series B funding round spearheaded by IVP.
The round also saw contributions from Access Industries, Alkeon, Founders Fund, Long Journey Ventures, Menlo Ventures, Socii Capital and 8VC, plus, Friends & Family Capital and Fifth Down.
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Additionally BlackLine former CEO Marc Huffman and NetSuite former CFO Ron Gill participated in the round.
This latest funding brings Numeric’s total raised capital to $89m and will enable the company to increase its range of products for enterprise finance teams.
It supports the company’s aim to progress from close management offerings to building a combined data platform for finance departments.
Furthermore, Numeric is releasing its cash management product.
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By GlobalDataThe company’s clients including Public.com, Brex and Clipboard Health have started using the new cash management product.
Further products are scheduled for release through 2026 and 2027, each focused on automating additional accounting processes.
The operational method at Numeric combines AI for recognising patterns with deterministic programming for calculations and includes human review for managing exceptions.
With this Series B investment, Numeric moves forward from providing only close management solutions to offering a multi-product platform supported by a shared data infrastructure.
Currently, its core offerings include close management, analytics, and cash management.
Numeric CEO Parker Gilbert said: “We started by solving the close, but our vision has always been greater. Each product we build makes the others more powerful.
“We’re marching toward a future where accounting isn’t manual spreadsheet work but instead is a real-time strategic function. This funding accelerates that timeline significantly.”
