Trullion, a leading provider of corporate accounting software, today announced the completion of $30m in financing to accelerate its growth and expand its product offerings. The financing includes $15 million from its initial Series A round led by Third Point Ventures, and an additional $15 million, led by Stepstone Group, with full participation from its existing investors Aleph, Third Point Ventures and Greycroft.
Trullion plans to use the new funding to accelerate the growth of its artificial intelligence (AI)-based applications, and to develop two new modules supporting audit and revenue recognition. The company’s AI-powered accounting platform connects corporate controllers, CFOs, and external auditors on one platform, providing a single source of truth for financial leaders.
“It’s a great company at a critical time in the accounting world,” StepStone Group Partner John Avirett notes. “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 is essential to keeping up with financial standards.”
“It is a pivotal moment now for the financial sector and our solution creates transparency at a time when that is needed most,” says Trullion CEO Isaac Heller. “We had a strong balance sheet from our Series A, but given our 2022 performance and multi-year growth prospects, we saw an opportunity to bolster our product investment while bringing on a top global investment partner in Stepstone.”
Trullion leverages artificial intelligence and machine learning to automate accounting and compliance workflows, such as Lease Accounting, Revenue Recognition and Audit automation tools. The company has raised $34m to date since launching in 2020.
Source: Company Press Release
