Nominal, an AI-powered financial process automation platform, has raised USD 9.2 million in seed funding led by Bling Capital and Hyperwise Ventures, with participation from Vela Partners and Incubate Fund, among several others.

The company plans to use the funding to accelerate its product development, expand its market presence, and grow its sales and support capabilities in the US.

Nominal offers a cloud-based platform enabling users to sync their ERPs and general ledgers and convert text, documents, and spreadsheets into automated workflows. The platform provides a series of integrated sub-ledgers, known as “shadow ledgers," which include 1) intercompany ledgers for the management of cross-company transactions, 2) a lease sub-ledger to simplify ASC 842/IFRS 16 compliance, and 3) accruals and revenue recognition sub-ledgers. Users can leverage GenAI to create custom automated workflows for financial operations, such as accounting, revenue recognition, lease accounting, and close management.

Analyst QuickTake : Nominal joins a number of similar AI-powered automation companies to receive funding in the last 2 months. These include Interloom, Nanonets , and HuLoop Automation , which raised USD 3 million , USD 29 million , and USD 5 million , respectively. Furthermore, leading disruptors and incumbents have also been increasingly bolstering their presence in the space during the same period, with UiPath integrating with Google Vertex AI and launching a series of new GenAI features , as well as Pegasystems launching its own GenAI-powered solution .