Numeric Debuts Cash Tool Boosted by $51M Series B

Numeric, an AI accounting automation platform based in San Francisco, launched in 2020, has raised $51 million in a Series B funding round as it moves more quickly from close management software to a full-featured financial operations platform.

The capital is intended to help Numeric develop a single data platform for enterprise finance teams as it expands into a more comprehensive compound startup model. With the increase, the company now has $89 million in total funding.

By automating data workflows and offering scalable, AI-powered tools, Numeric, which has operations in San Francisco, New York, and London, assists enterprise accounting teams in reducing manual processes.

To solve what it considers to be one of the most difficult processes in the financial close, the company has now introduced a new cash management tool.

Reconciling bank transactions with general ledger entries, or cash matching, usually results in industry match rates below 30%, requiring teams to manually process thousands of entries.

For early adopters like Brex, Public.com, and Clipboard Health, Numeric’s new offerings deliver a 90%+ auto-match rate, almost double the standard and eliminating many days of human labor.

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.”

IVP general partner Ajay Vashee said,

“Numeric has consistently demonstrated exceptional product execution and deep understanding of what finance teams need. Their ability to expand from close management into analytics and now cash management, while maintaining product excellence across each, shows they’re building something truly differentiated. We’re excited to support their vision for the future of accounting.”