Numeric

Company Overview

Numeric is an AI-powered accounting automation platform founded to transform the way accounting teams handle month-end close processes and other critical accounting workflows. The company aims to take manual work off accountants’ plates so they can focus on more impactful tasks. Numeric is headquartered in the United States, though the exact location is not specified in the provided information.

The company was founded by Parker Gilbert, who serves as the CEO. Gilbert’s background includes being the first accounting and finance hire at a venture-backed startup, where he managed the company’s first audit and built out accounting infrastructure. This experience inspired him to create Numeric to address the pain points he encountered in accounting workflows.

Products Overview

Numeric offers a comprehensive suite of products focused on streamlining and automating various aspects of the accounting process:

1. Close Management: A project management tool built specifically for month-end close processes. It allows teams to organize tasks, automate reconciliations, and leverage AI to reduce time spent on recurring tasks.

2. Reconciliation: Automates and standardizes account reconciliations, connecting live data from general ledgers and supporting workpapers to ensure accuracy and timeliness.

3. Variance Analysis: Provides integrated analytics for flux analysis, allowing teams to build customizable reports, set materiality thresholds, and drill down to transaction-level details.

4. Fixed Assets Management: An AI-assisted tool for managing fixed assets, including capturing transactions, applying depreciation schedules, and automatically posting journal entries.

5. Smart Subledgers: Includes features for managing fixed assets and prepaid amortizations, reducing time spent in workpapers and automating adjustments.

6. Technical Accounting AI: An AI-powered tool to assist with technical accounting research and drafting accounting policy memos.

All these products are integrated into a single platform, providing a unified solution for the entire accounting lifecycle from record to report.

Founding Team

The only founding team member mentioned in the provided information is Parker Gilbert, who serves as the CEO and co-founder of Numeric. Gilbert’s background in accounting and finance, particularly his experience as the first accounting hire at a venture-backed startup, provided the inspiration and insight for creating Numeric.

Problem and Market Fit

Numeric addresses several key pain points in the accounting industry:

1. Time-consuming manual processes in month-end close activities
2. Difficulty in organizing and tracking complex accounting workflows
3. Challenges in maintaining accurate and timely reconciliations
4. The need for more efficient variance analysis and reporting
5. Complexities in managing fixed assets and other subledgers

The company’s solutions aim to automate these processes, reduce manual work, and provide more accurate and timely financial data. This approach allows accounting teams to focus on more strategic and impactful work rather than getting bogged down in tedious, manual tasks.

Numeric’s market fit is evident in its adoption by hundreds of private and public companies, including well-known firms in the fintech and technology sectors.

Business Model

Numeric operates on a Software-as-a-Service (SaaS) model, offering its platform to companies on a subscription basis. The company provides different tiers of service, including a free starter plan and more comprehensive packages for larger organizations or those needing more advanced features.

While specific pricing details are not provided in the given information, the company offers a “Schedule Demo” option on its website, suggesting a sales-led approach for enterprise clients. They also offer a “Start for Free” option, indicating a product-led growth strategy to attract smaller businesses or individual users.

Funding and Runway

The provided information does not include specific details about Numeric’s funding rounds or current runway. However, it does mention that the company is backed by several prominent investors, including:

• Founders Fund
• Long Journey Ventures
• 8VC
• Friends & Family Capital
• Founders of Palantir, Segment, Ramp, Candid, Redesign Health, Better.com, Hearth, and others

This list of investors suggests that Numeric has successfully raised venture capital, though the exact amounts and dates of funding rounds are not specified.

Competitive Landscape

While the provided information does not directly mention competitors, Numeric operates in the accounting software and automation space. This sector includes established players like BlackLine, FloQast, and Workiva, as well as newer entrants focused on AI-driven solutions. Numeric’s emphasis on AI-powered automation and its comprehensive suite of integrated tools appears to be a key differentiator in this competitive landscape.

Customers

Numeric’s customer base includes hundreds of private and public companies. Some of the notable customers mentioned include:

• Metropolis
• Plaid
• Mercury
• Wealthfront
• ZIP
• Betterment
• Heap
• Clearbit
• AngelList
• Airbyte
• Medely
• Click Therapeutics
• Stash
• Public.com

These customers represent a diverse range of industries, with a notable concentration in the fintech and technology sectors.

Relevant News

The most recent significant news mentioned is that Numeric raised $10 million in funding to transform accounting with AI. This news was reported on May 7, 2024, indicating a successful funding round to support the company’s growth and development of AI-powered accounting solutions.

Additionally, it’s worth noting that the company changed its name from Velocity to Numeric, as announced on November 9, 2022. This rebranding likely reflects the company’s evolution and focus on numeric-driven, AI-powered accounting solutions.