LiveFlow, a US-based finance and accounting automation platform, has secured $13.5m in a Series A funding round in a move to transform accounting and improve the experience for accountants.
The financing round was led by American venture capital fund Valar Ventures.
In addition to the new capital raise, LiveFlow unveiled a platform, dubbed LiveFlow Next. This platform has been designed to modernise accounting firms into high-growth financial advisory powerhouses.
The new product portfolio encompasses tools for creating custom client dashboards, intelligent forecasting, industry benchmarking, artificial intelligence (AI)-powered transaction categorisation, and others.
LiveFlow said that the new platform builds on the company’s success since launching a few years ago in helping accountants advance their bandwidth and eliminate manual work.
Launched in 2021, LiveFlow serves as a flexible and robust financial planning and analysis (FP&A) platform that syncs users QuickBooks Online and Xero reports in a Google Sheets, Microsoft Excel or LiveFlow dashboards. This allows them to gain valuable insights in less time.
LiveFlow also plans to utilise the new capital in expanding the company’s New York-based go-to-market team and making significant investments in new research and development (R&D) initiatives.
LiveFlow CEO Lasse Kalkar said: “While technology will drive significant advancements, the human element of accounting is still crucial. That’s why it’s essential to attract young graduates to the industry again by building software that automates the tedious parts of the job.
“This way, accountants can focus on providing intelligent financial analysis and advice, rather than just processing transactions.
“That’s why we are building LiveFlow, an accounting automation platform trusted by thousands of businesses who aim to modernise accounting through advanced technology.”
Last month, LiveFlow launched its integration with Xero. The integration allows businesses and accounting firms to optimise FP&A, merge financial data, and easily visualise their financials.
On a similar note, another US-based accounting automation company Rillet secured $13.5m financing in July 2024. This financing round was led by venture capital companies First Round Capital Creandum and Susa Ventures.
