AccountsIQ secured 60 million euros (about $65 million) in a Collection C funding to assist continued product improvement and to embed synthetic intelligence all through its cloud-based accounting platform designed for medium-sized firms and nonprofits.
Along with enhancing its AI functionality, AccountsIQ will use the brand new funding to greater than double its group to greater than 200 workers over the subsequent few years and drive the worldwide development of its monetary administration system (FMS) Software program-as-a-Service (SaaS), the corporate stated in a Thursday (June 13) press launch.
The funding comes as the corporate surpassed the 1,000-customer milestone, AccountsIQ founder and CEO Tony Connolly stated within the launch.
“This funding comes at an ideal inflection level for our providing, to permit us to leverage AI instruments into sensible, easy-to-adopt providers for our person base; to make finance group roles extra versatile, beneficial, much less repetitive and certainly extra fascinating,” Connolly stated within the launch.
AccountsIQ’s FMS solves issues like multicurrency consolidation, multilevel approvals, third-party integrations and automation of day by day processes, in accordance with the discharge.
It additionally enhances the “monetary IQ” of the group by giving the proper info to the proper person on the proper time, the discharge stated.
The AccountsIQ group has an understanding of the corporate’s buyer base in addition to forward-thinking imaginative and prescient, Martin Wygas, founding accomplice of Axiom Fairness, which offered the funding, stated within the launch.
“Recognizing the potential to speed up AccountsIQ’s product improvement with extra capital and experience, we’re excited to be partnering with them to scale AIQ to the subsequent degree,” Wygas stated.
Most chief monetary officers (CFOs) have seen the potential of AI and are utilizing it to assist their operations.
PYMNTS Intelligence surveyed 60 CFOs representing U.S. firms that generate greater than $1 billion yearly and located that they have been deploying AI know-how to enhance a large number of efficiencies throughout their organizations.
Seventy-eight % of the CFOs surveyed stated their entry to AI know-how is very or extraordinarily essential, in accordance with the PYMNTS Intelligence report “Accounts Payable Cycles: The Potential for AI.”
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