Dublin-based AccountsIQ has closed a $65 million Series B funding round that it will use to further develop its artificial intelligence-powered finance platform. The round was led by New York-based venture capital firm Addition, with participation from existing investors Frontline Ventures and Accel.
Founded in 2016, AccountsIQ has developed an automated bookkeeping and accounting service aimed at helping small and medium-sized businesses better manage their finances. The AI-driven platform integrates with common bookkeeping software and bank feeds to categorize transactions, reconcile bank balances, and generate reports without manual data entry.
By scanning banking statement line items and invoices, AccountsIQ’s machine learning models can automatically code expenditures according to the relevant accounting rules. The platform also spots potential errors or anomalies that may require human oversight. This degree of automation is designed to save accountants hours per month spent on routine bookkeeping tasks.
AccountsIQ currently works with more than 2,000 customers across industries like software, professional services and real estate. With the fresh capital infusion, the company plans to significantly scale its engineering and product development capacity to introduce new automated bookkeeping capabilities. Beyond transaction categorization, AccountsIQ ultimately aims to assume responsibility for day-to-day accounting functions through its AI.
According to CEO Rick Watson, this Series B round signifies growing investor confidence in AccountsIQ’s vision of applying artificial intelligence to modernize accounting. The funds will fuel the company’s international expansion while deepening its platform’s financial management abilities. As automated bookkeeping becomes more sophisticated, it promises significant benefits in cost and time savings for growing businesses worldwide.
