Auditoria.AI Raises $6M Venture Round
SANTA CLARA, CA, Auditoria.AI has announced $6M in venture financing led by Neotribe Ventures, Engineering Capital, and Firebolt Ventures.
Auditoria.AI today announced SmartFlow Skills, a groundbreaking new SaaS solution that addresses the most pressing challenges of the enterprise finance back office. Auditoria is the first company to combine AI-based finance process automation with natural language-driven configuration and powerful recommendation analytics to produce a system of intelligent engagement for ERP applications. Auditoria also announced $6 million in venture financing led by Neotribe Ventures, Engineering Capital, and Firebolt Ventures.
SmartFlow Skills automates routine business processes that otherwise take days or weeks, while accelerating surgical financial insights that improve visibility and decision making. Despite the advances in financial applications technology, today's enterprise finance back office is still largely manual, resulting in greater friction between internal and external stakeholders, increased costs due to manual work and fixing errors, and higher demands on delivering evidentiary data within severely constrained timelines to meet conventional GAAP audit requirements. On average, a typical enterprise finance back office:
Has over 400 business processes that span across procure-to-pay, order-to-cash and record-to-report areas.
Leverages business process outsourcing through onshore or offshore providers to staff shared service functions for transaction-intensive processes.
Spends over 60% of its OpEx on personnel costs, both fixed and variable, to deliver on their business objectives.
"Almost every organization has sought the ability to intelligently automate their processes as part of their operational efficiency initiatives. While these efforts to automate often start with cost savings, the advent of artificial intelligence components such as natural language processing, computer vision, machine learning, and neural networks present opportunities to instrument fully autonomous capabilities that have strategic and long-ranging impacts," said R "Ray" Wang, principal analyst and founder, Constellation Research. "The future is about getting to precision decisions, which happens when you automate your transactions, you deploy artificial intelligence, and you create an autonomous enterprise."
Auditoria SmartFlow Skills offers a reliable alternative to traditional approaches to execute typical finance back-office processes, which result in greatly improved business resiliency. Using natural language-driven configurations, Auditoria SmartFlow Skills ephemerally automates mission-critical finance business processes, while querying and reconciling data into financial systems of record. Additionally, SmartFlow Skills includes modern machine learning algorithms to drive statistical and predictive analytics, allowing companies to have rapid access to key financial indicators, higher accuracy and precision in predictive recommendations, and being continuously audit-ready while mitigating risks, eliminating errors, and reducing accounting infractions.
"Auditoria SmartFlow Skills remove the friction, repetition, and wasted effort in the payables, receivables, FP&A and audit functions within a typical enterprise," said Rohit Gupta, co-founder and Chief Executive Officer, Auditoria.AI. "For CFOs looking to identify hard-to-spot trends, accelerate predictive forecasting, improve business continuity, and make their accounting and back office teams more productive and efficient than ever before, Auditoria offers a modern, AI-driven automation platform that supercharges their ERP applications while streamlining their planning and audit efforts."
"Traditional ERP applications have been mechanical and focused on getting accounting done, with a lot of manual processes," said Rex Jackson, Chief Financial Officer at ChargePoint. "AI can be a real boon to the finance back office, in task automation, data aggregation, and data cleansing. Auditoria's modular approach to automation and applying machine learning to the back office is revolutionary."
"Auditoria checks all the boxes when it comes to the type of company we look to invest in," said Aditya Singh, Co-Founder and Managing Director, Neotribe Ventures. "Autonomous applications and automation in the finance back office is the next disruptive trend. Founded by an experienced team solving a problem that impacts every enterprise today, with a groundbreaking approach to deliver autonomous capabilities, Auditoria is poised to be the solution of choice for CFOs and their finance teams."
Auditoria SmartFlow Skills is currently in limited availability for companies that run Oracle NetSuite and Sage Intacct, with Workday support coming in the second half of 2020. Visit Auditoria.ai to learn more about how your organization can benefit from AI-driven automation to your back office.
Founded in 2019, Auditoria is a provider of AI-driven automation solutions for Finance teams, based in Santa Clara, California, and backed by Neotribe Ventures, Engineering Capital and Firebolt Ventures. Its flagship offering, Auditoria SmartFlow Skills, leverages natural language processing, artificial intelligence and machine learning to remove friction and repetition, automate finance back office business processes, and deliver cutting-edge real-time predictive analytics to enterprise Finance and Accounting teams.
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