WiseLayer, a US-based company providing AI-powered workers for finance and accounting teams, has received $7.2m in funding led by venture capital firm Canaan Partners.
K5 Global, The Fintech Fund, Unpopular Ventures, and industry angels, also participated in the financing round.
WiseLayer intends to use the funding to support the development of its task-specific AI workers, which automate a manual recurring process for finance and accounting teams.
The company’s current digital workforce includes Angela, an AI agent for Accruals and Rev Rec, and Dennis, an AI agent for Discrepancies & Financial Anomalies.
The company is also developing four new AI agents, specialised for bank reconciliations, fixed asset depreciation and amortisation, lease accounting, and prepaid expenses.
WiseLayer will also use the funding to serve both new and existing clients through its AI workers and developing new AI workers.
In addition, the company will use the financing to expand customer support infrastructure and drive market expansion.
Canaan Partners general partner Brendan Dickinson said: “The exceptional early traction that WiseLayer has achieved with its many large customers, each of whom love their product, demonstrates a clear market need.
“We’re thrilled to support WiseLayer’s next phase of growth as they enhance their AI-powered digital workforce for finance and accounting teams.”
WiseLayer CEO and co-founder Josh Stein said: “Finance & accounting teams have some of the most brilliant people at any company, yet their brainpower is often spent on recurring administrative and compliance tasks like accruals, rev rec, and more.
“WiseLayer’s mission is to build AI agents to automate these repetitive, laborious processes with precision, so that these highly skilled people can focus on strategic financial initiatives that drive company growth.”
According to WiseLayer, the company helps finance and accounting departments solve the requirements with financial accuracy and compliance.
The finance and accounting teams use different software tools for several important tasks, which leads to issues with manual data extraction, data accuracy, and compliance.
More than 100 companies are currently using AI workers, including mid-sized firms and public companies, said the AI workers provider.
WiseLayer said its AI platform consolidates the data, and automates tasks, such as accruals, revenue recognition, and financial discrepancy detection, among others.
WiseLayer CTO and co-founder Vik Bellapravalu said: “What makes WiseLayer wholly unique is our focus on creating specialised digital workers that each perform a specific time-consuming financial function, with unprecedented accuracy and efficiency.
“For example, if you’re a controller at a company, you can use Angela, the AI Agent for Accruals & Rev Rec to reduce your month-end accrual process from days to about an hour.”
WiseLayer founding engineer and product head Jack Gillette said: “Today, Angela automates about 90% of a company’s accrual process. With our novel & secure AI, we’ll get that to about 98% this year.”
