Numeric, an accounting process automation platform, has raised USD 10 million in seed funding led by the Founders Fund, with participation from Menlo Ventures, 8VC, and Long Journey, among others.

The company plans to use the funds to support product development and expand its research and development workforce.

Numeric offers an AI-powered platform that enables users to automate various accounting processes. Users can perform technical accounting research, identify data discrepancies, draft variance explanations, and automate recurring month-end close processes. Moreover, the platform provides an AI copilot that is trained on GAAP guidance, public company filings, and user data for users to automatically generate first drafts of flux explanations, accounting insights, and reports. 

Analyst QuickTake: We have observed a recent increase in investor interest in the accounting and finance process automation space, with a number of startups raising funds over the last three months. These include relatively large companies such as FloQast and Datasnipper (both of which raised USD 100 million ), as well as smaller startups such as Tabs and Nominal , which raised USD 7 million and USD 9.2 million , respectively. While Numeric falls into the latter category, it differentiates itself with its AI copilot tool.