Accounting automation startup Trullion recently secured a significant investment of $15 million. Founded by Isaac Heller and Amir Bold, who both spent more than a decade in the finance industry, Trullion is an accounting software platform, which connects corporate controllers, CFOs and external auditors, providing a unified source of truth for financial leaders.
Trullion’s software-as-a-service platform utilizes open-source AI libraries to draw insights from accounting data sets, thereby reducing labor costs and error rates for CFOs and auditors alike. Additionally, the platform enables the generation of revenue forecasts, audit logs and provides customers with portals for full control and access to data.
A survey by IBM found that accounts payable is one of the most automatable business processes, but a whopping 38% of those responding reported that their teams spend 25% or more of their total time on manual tasks. Compared to companies with less than 25 members, the percentage of time spent on manual tasks increases significantly.
Seeing the tremendous potential in accounting automation, Trullion raised $15 million in its initial Series A round, which was led by Third Point. Recently, the company landed another $15 million in a round that was led by StepStone Group, with other investors such as Aleph, Third Point and Greycroft.
Besides Trullion, there are other players in the AI-powered accounting software space such as Docyt, Vic.ai and Roger, all of which have raised considerable funds. As per PitchBook, accounting software firms attracted $233.3 million in venture capital between January 2022 and end March 2022.
Trullion, which is based in New York and was founded in 2020, has so far raised $33.5 million, and its workforce is expected to reach 80 people by the end of the year. The startup currently has more than 1,000 customers and 5,000 users. Isaac Heller, the CEO of Trullion commented: “we believe this is the right time to get on board. The financial industry needs powerful, cost-effective technology that can automate critical processes and minimize risk. Companies are also discovering that AI and accounting automation [are] essential to keeping up with financial standards”.
With its advanced technology, Trullion is well-positioned to benefit from users’ growing interest in accounting automation. By reducing manual tasks and cost of audit, the company believes it can provide its customers with significant savings. Hence, the future looks bright for Trullion, as the startup continues to deliver accessible and powerful accounting software solutions.
