Artificial intelligence accounting automation platform startup Numeric said today it has raised $51 million in new funding to expand from close management into a broader compound startup model that delivers a unified data platform for enterprise finance teams.

Founded in 2020, Numeric began as an accounting-automation startup with a mission to reduce the heavy manual workload of finance teams. The company’s platform streamlines tasks like period close, reconciliation and financial reporting, all with automation and AI at the core.

Numeric’s primary offering is its “close management” product, which gives finance teams a dashboard view of the monthly close process, including tasks, bottlenecks, audit trails, journal entries and integrations with major enterprise resource planning tools.

The platform aims to free accountants from spreadsheets and manual coordination so they can focus on strategic judgments rather than operational mechanics. What it does is automate repetitive close tasks and provide transparency into the workflow.

From its accounting-focused base, Numeric has expanded into analytics and reporting. The platform includes AI-powered variance and flux analysis, commentary generation, trends detection and dashboards that tie into the underlying accounting data. The idea is to deliver a unified data layer where reconciliations, close tasks and reporting all sit together that allows finance teams to move faster, identify issues earlier and deliver insights rather than just closing the books.

Numeric also offers a cash management product that takes on the issue whereby cash reconciliation — matching bank transactions to general ledger entries — is one of the most manual, error-prone finance tasks. The company offers a tool that is claimed to auto-match rates above 90%, compared with legacy systems often in the 30% range.

The Series B funding round was led by Institutional Venture Partners LP. Also participating were Menlo Ventures, Founders Fund Management, Alkeon Capital Management, 8VC Management, Socii Capital, Access Industries Holdings, Friends & Family Capital, Long Journey Ventures, Fifth Down Capital and several individual investors.

Numeric says the Series B round represents a pivotal moment in its evolution from a close management solution to a multiproduct platform with a shared data core, one that is now a “connect platform for finance operations.”

“We started by solving the close, but our vision has always been greater,” said Chief Executive Parker Gilbert. “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.”

The new funding takes the total amount raised by Numeric, legally known as Velocity Labs Inc., to about $89 million. The company’s last funding was $28 million in October 2024.

Photo: Numeric