AI-Powered Accounting Automation Platform, Docyt, Raises $11.5M
SANTA CLARA, Calif.–(BUSINESS WIRE)–Docyt, an accounting automation software platform that transforms bookkeeping for small-and-medium-sized businesses, today announced a $11.5 million Series A fundraising round led by Lobby Capital with participation from First Rays Venture Partners and Morado Ventures.
Docyt turbocharges accounting ledgers, like QuickBooks®, by using machine learning to intelligently automate financial data collection, digitization, categorization and reconciliation. By replacing multiple income, spend management, document collection, and collaboration tools – which don’t communicate with each other – Docyt creates one native, end-to-end, cloud-based accounting workflow solution. This allows small-and-medium-sized businesses to streamline their financial operations into one efficient, transparent workflow. The funding will aid in securing top talent to expand the Docyt team and double down on customer acquisition.
“Small and medium-sized companies are realizing that an efficient finance and accounting back office can make them agile and conserve costs,” said Sidharth Saxena, co-founder and CEO of Docyt. “With Docyt, real-time accounting is made possible, enabling better-informed, faster decisions to cope in an uncertain world.”
By simply connecting your bank accounts and scanning or emailing your receipts, bills and revenue statements, Docyt’s machine learning will extract data to power workflows, categorize and reconcile bank and credit card transactions with your uploaded documents, syncing everything into your accounting ledger. Docyt is your AI data engine. The more you use it, the smarter it gets.
“Docyt’s AI-powered financial workflows and accounting automation give small and medium-sized businesses powerful tools to run their back office”, said Eric Carlborg, general partner at Lobby Capital. “We’re thrilled to be part of Docyt’s mission to disrupt the accounting software market by providing businesses with financial visibility, across all locations, in real time.”
In 2021, Docyt grew its revenue by 6X and its customer base by 4X.
Docyt, pronounced “docket”, is an accounting automation software platform. It’s a single system, which uses machine learning, to automate all financial workflows – both income and expense side – and provides real-time ledger reconciliation and financial statements. For the first time, a real-time P&L and balance sheet are possible through Docyt.