WiseLayer, the AI fintech company that makes AI-powered digital workers for finance and accounting teams, has announced $7.2 million in funding. The round was led by Canaan Partners, with participation from K5 Global, The Fintech Fund, Unpopular Ventures, and industry angels.
The funding will fuel the continued development of WiseLayer's task-specific AI workers, each of whom automates a highly-manual complex recurring process performed by finance & accounting teams. The company's current digital workforce includes:
- Angela, the AI agent for Accruals & Rev Rec (hire her at www.accruals.ai)
- Dennis, the AI agent for Discrepancies & Financial Anomalies (hire him at www.discrepancies.ai)
… with the 4 newest AI agents each specializing in the following tasks: (1) bank reconciliations, (2) fixed asset depreciation & amortization, (3) lease accounting, and (4) prepaid expenses.
- More than 100 companies currently use WiseLayer's AI workers, including mid-sized firms & public companies.
"The exceptional early traction that WiseLayer has achieved with its many large customers, each of whom love their product, demonstrates a clear market need,"
said Brendan Dickinson, general partner at Canaan Partners. "We're thrilled to support WiseLayer's next phase of growth as they enhance their AI-powered digital workforce for finance and accounting teams."
"Finance & accounting teams have some of the most brilliant people at any company, yet their brain power is often spent on recurring administrative and compliance tasks like accruals, rev rec, and more,"
said Josh Stein, CEO & co-founder of WiseLayer. "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."
WiseLayer was founded by industry veterans to help finance & accounting departments solve the ever-increasing requirements with financial accuracy and compliance. It's common for these teams to use multiple different software tools for various crucial tasks, which leads to issues with manual data extraction, data accuracy, and compliance. WiseLayer is the only AI platform that plugs into each of these tools (300+ integrations into every major ERP, billing, P2P, HRIS and more), consolidates the data, and automates time-consuming tasks like accruals, revenue recognition, financial discrepancy detection, and more.
"What makes WiseLayer wholly unique is our focus on creating specialized digital workers that each perform a specific time-consuming financial function – with unprecedented accuracy and efficiency,"
said Vik Bellapravalu, CTO & co-founder at WiseLayer. "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."
"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,"
said Jack Gillette, Head of Product & Founding Engineer.
The new funding will be used to further delight both new and existing clients by making WiseLayer's AI workers even more efficient – and developing new AI workers, too. Additionally, the financing will be used to expand customer support infrastructure and drive market expansion.
