Venrock Leads the Series A Financing for the Pioneer in Cognitive Automation for Finance and Accounting
SANTA CLARA, CA / ACCESSWIRE / March 31, 2021 / AUDITORIA.AI, a pioneer in AI-driven automation solutions for corporate finance teams, today announced it has raised $15.5 million in an oversubscribed Series A round. Venrock led the round, with participation from Workday Ventures and existing investors, including B Capital Group, Engineering Capital, Firebolt Ventures, and Neotribe Ventures.
"As the industry's first ERP-centric cognitive automation platform, we are powering the next generation of intelligent automation for global finance teams," said Rohit Gupta, CEO and co-founder, Auditoria. "This new round of funding furthers our mission of transforming the corporate finance back office and accelerates the reality of the zero-touch self-driving back office. We are now at the forefront of finance innovation with our focused efforts to drive greater efficiencies for CFOs and finance teams."
This funding round brings the total raised by the company to more than $22 million since inception. Auditoria intends to use these funds to accelerate innovation in artificial intelligence (AI), machine learning (ML), Natural Language Processing (NLP), and data science to transform corporate finance with additional Auditoria SmartFlow Skills, to build out its foundational hires in sales, marketing, and customer success, and to foster strong industry partnerships and community development.
"Finance operations automation is the future for corporate finance," said Brian Ascher, partner at Venrock. "We have been on the hunt to invest in the right team with the experience and innovative technology necessary to transform corporate finance, and we have found that in Auditoria. We envision a day when every global finance team is using Auditoria to streamline and automate back-office operations."
Auditoria helps modern finance teams accelerate finance transformation by dramatically improving cash performance. Built with cutting-edge AI, ML, Cognitive RPA, NLP, and Computer Vision, Auditoria streamlines and automates collections, adds controls to procurement spend, and optimizes cash performance. Auditoria integrates with industry-leading ERP applications, including Oracle ERP Cloud, Oracle NetSuite, Sage Intacct, and Workday, as well as collaboration tools like Microsoft Office 365 and Google Workspace.
"While the corporate finance back office has been slow to adopt new technologies, Auditoria is the answer for finance leaders looking to innovate and automate back-office processes," said Tien Anh Nguyen, Chief Business Officer at UserTesting. "We have increased predictability and immensely improved our receivables productivity with Auditoria. We're now able to complete three to four times the amount of tasks thanks to Auditoria's autonomous technology and modern, compelling user experience."
In the year since the launch of the company, Auditoria has reached several milestones that have positioned the firm as a leader in digital finance transformation. More than 200 organizations are now leveraging Auditoria SmartFlow Skills, and the company has secured strategic partnerships with several leading accounting, audit, and risk management firms, including Armanino, AST LLC, BrainSell, MCS Group, RSM US LLP, and Wipro Limited. Additionally, Auditoria has been recognized by Constellation Research in its "Shortlist for Cognitive Automation" and recognized as the "Best Finance Compliance Solution" of 2020 by Tech Ascension.
"The massive shift from RPA to intelligent, autonomous apps is underway," said R "Ray" Wang, CEO and founder, Constellation Research. "The industry is ripe for change, and companies on the front lines of creating the self-driving, autonomous organization of the future are taking both mindshare and marketshare. I advise any forward-looking CFO to consider these types of solutions as their technology of choice to transform their corporate finance function and catapult their back office into the autonomous future."
To learn more about Auditoria and how it is transforming the corporate finance back office, set up a test drive today: https://info.auditoria.ai/request-test-drive
Auditoria is an AI-driven SaaS automation company for corporate finance that automates back-office business processes involving tasks, analytics, and responses in Vendor Management, Accounts Receivables, Planning, and Audit. By leveraging natural language processing, artificial intelligence, and machine learning, Auditoria's platform removes friction and repetition from mundane tasks while also automating complex functions, such as predictive analytical forecasting. Corporate finance and accounting teams use Auditoria to accelerate business value while minimizing heavy IT involvement, improving business resilience, lowering attrition, and accelerating business insights. Give your finance team superpowers at Auditoria.ai.
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