AccountsIQ Raises $65 Million to Embed AI in Accounting Platform
AccountsIQ secured 60 million euros (about $65 million) in a Series C investment to support continued product development and to embed artificial intelligence throughout its cloud-based accounting platform designed for medium-sized companies and nonprofits.
In addition to enhancing its AI capability, AccountsIQ will use the new investment to more than double its team to more than 200 employees over the next few years and drive the international growth of its financial management system (FMS) Software-as-a-Service (SaaS), the company said in a Thursday (June 13) press release.
The investment comes as the company surpassed the 1,000-customer milestone, AccountsIQ founder and CEO Tony Connolly said in the release.
“This investment comes at a perfect inflection point for our offering, to allow us to leverage AI tools into practical, easy-to-adopt services for our user base; to make finance team roles more flexible, valuable, less repetitive and indeed more interesting,” Connolly said in the release.
AccountsIQ’s FMS solves problems like multicurrency consolidation, multilevel approvals, third-party integrations and automation of daily processes, according to the release.
It also enhances the “financial IQ” of the organization by giving the right information to the right user at the right time, the release said.
The AccountsIQ team has an understanding of the company’s customer base as well as forward-thinking vision, Martin Wygas, founding partner of Axiom Equity, which provided the investment, said in the release.
“Recognizing the potential to accelerate AccountsIQ’s product development with additional capital and expertise, we are excited to be partnering with them to scale AIQ to the next level,” Wygas said.
Most chief financial officers (CFOs) have seen the potential of AI and are using it to support their operations.
PYMNTS Intelligence surveyed 60 CFOs representing U.S. companies that generate more than $1 billion annually and found that they were deploying AI technology to improve a multitude of efficiencies across their organizations.
Seventy-eight percent of the CFOs surveyed said their access to AI technology is very or extremely important, according to the PYMNTS Intelligence report “Accounts Payable Cycles: The Potential for AI.”
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