Numeric Raises $51M to Accelerate Its AI Finance Platform

Numeric, the San Francisco-based accounting automation platform, has closed a $51 million Series B funding round as it expands beyond month-end close management into a broader suite of artificial intelligence-powered finance tools. The financing comes just 13 months after the company raised $28 million in Series A funding in October 2024, underscoring accelerating demand for software that promises to eliminate the spreadsheet drudgery that has defined corporate accounting for decades.

IVP led the round, with participation from Menlo Ventures, Founders Fund, Alkeon, 8VC, Socii Capital, Access Industries, Friends & Family Capital, Long Journey Ventures and Fifth Down. Strategic angels including Marc Huffman, former chief executive of accounting software incumbent BlackLine, and Ron Gill, former chief financial officer of NetSuite, also invested. The round brings total capital raised to $89 million for the company founded in 2020 by Parker Gilbert, Anthony Alvernaz and Andrew Bihl.

The funding arrives as finance departments face mounting pressure to deliver real-time insights while simultaneously cutting costs. Traditional close processes can stretch across weeks, with teams manually reconciling thousands of transactions across disparate systems. Legacy software providers have dominated the space for years, but their tools often deliver match rates below 30% for critical tasks like cash reconciliation, leaving human accountants to bridge the gap. That inefficiency has created an opening for startups deploying machine learning models trained on financial data to automate pattern recognition and anomaly detection.

Gilbert, who previously built the finance and accounting functions at home improvement startup Hearth, co-founded Numeric after experiencing the pain of manual month-end closes firsthand. The platform initially focused on close management, providing finance teams with dashboard views of bottlenecks, audit trails and journal entries. But the advent of large language models in 2022 and 2023 expanded what was possible. Revenue quadrupled in the 12 months leading up to the Series A, reaching the single-digit millions according to company statements at the time. Clients now include Brex, OpenAI, Plaid, Wealthfront, Public.com and Clipboard Health.

With the Series B capital, Numeric is expanding into what it calls a compound startup model, rolling out products that share a unified data layer. The company now offers three core products: Close Management, Analytics and Cash Management. The cash product, launching alongside the funding announcement, tackles one of the most manual parts of the close cycle. Matching bank transactions to general ledger entries typically requires dedicated teams at growing enterprises. Numeric claims its system achieves automated match rates above 90%, nearly tripling the industry norm.

Brex piloted the new cash management product and saw its match rate jump from 30% to over 90%, enabling the team to dramatically reduce time spent on manual reconciliation work. Kevin Moore, controller at the fintech company, said the system delivered on ambitions that extended well beyond basic project tracking. The product encompasses flux analysis, cash reconciliation and full integration with enterprise resource planning systems. The improvements eliminated multiple days of manual work each month.

The platform architecture blends several technologies. AI interprets unstructured data and identifies patterns. Deterministic code handles mathematical calculations where precision is non-negotiable. Human oversight manages exceptions and judgment calls. Gilbert has emphasized that accounting cannot tolerate compounding errors, so the system routes different types of work to the operator best suited for each task. Generative AI, for instance, can synthesize large volumes of data to explain variances between periods, always providing source links so accountants can verify the output.

Ajay Vashee, general partner at IVP, cited consistent product execution and deep understanding of finance team needs as reasons for leading the round. The firm previously participated in the Series A alongside Menlo Ventures, which led that earlier financing. IVP has a track record of backing enterprise software companies that expand horizontally into adjacent workflows, and Numeric appears to be following a similar playbook to category-defining platforms like Salesforce and Rippling.

Additional products are scheduled for release throughout 2026 and 2027, each designed to automate a different critical accounting workflow. The strategy mirrors the approach of compound startups that build multiple interconnected products sharing underlying infrastructure. Each new module theoretically makes the others more powerful by feeding the shared data layer, creating network effects that become harder for customers to unwind. That stickiness matters in an enterprise software market where switching costs and integration complexity often determine outcomes.

The accounting automation space has attracted substantial venture interest over the past two years. Competitors are well-funded and moving quickly, though Numeric positions itself as differentiated through its full-stack approach that links workflows from close to cash to analytics rather than focusing narrowly on a single pain point. The company maintains offices in San Francisco, New York and London.

Operating with a measured stance on AI deployment, Gilbert has stated that AI is powerful but imperfect, and that finance teams need transparency into how automation reaches conclusions. The platform emphasizes explainability, with each step traceable back to source data to support compliance requirements like Sarbanes-Oxley audits. Security measures include SOC 2 Type II certification, end-to-end encryption and zero-data-retention policies for model training.

The pivot from siloed point solutions to unified platforms reflects broader shifts in enterprise software buying patterns. Chief financial officers increasingly favor consolidated vendors that can subsidize customer acquisition costs across multiple products rather than managing relationships with numerous best-of-breed specialists. Rising software spend and elongated sales cycles have accelerated this trend, particularly at mid-market and enterprise accounts where fragmented toolchains create integration headaches.

Finance teams are adopting approaches similar to engineering organizations that have embraced DevOps methodologies, aiming for continuous, connected and real-time operations. The vision positions accounting as a strategic function capable of surfacing insights daily rather than a backward-looking compliance exercise confined to month-end. Whether that future materializes depends on whether automation can achieve the reliability and auditability that financial reporting demands. Early results from companies like Brex suggest the technology is approaching that threshold, at least for cash reconciliation and variance analysis.

For Numeric, the challenge ahead lies in maintaining product quality while accelerating the release cadence. The company must demonstrate that its unified data layer scales as it adds workflows and handles the complexity of larger enterprise deployments. Regulatory scrutiny of AI in financial processes is intensifying, particularly around audit trails and accountability when algorithms make determinations that impact reported numbers.

Gilbert has framed the mission as marching toward a future where accounting transitions from manual spreadsheet work to real-time strategic input. The company views the funding as validation that finance teams are ready for this transformation and that the market opportunity extends far beyond simple automation of existing processes. Success will require not just technical execution but also building trust with finance professionals who have spent careers ensuring accuracy and compliance in their work.

The Series B round positions Numeric to expand its engineering team and accelerate product development at a critical moment in the evolution of financial software. The question is whether the company can maintain the product excellence that attracted early customers while scaling to meet the needs of larger enterprises with more complex requirements. For investors betting $51 million on that outcome, the next 18 months will prove crucial as Numeric rolls out its expanded product suite and competes for market share in a crowded field.