DataSnipper Raises $100M in Series B Funding to Advance AI for Accountants
Tools like DataSnipper not only ease the workload for existing staff but also make the profession more appealing to the next generation of auditors by eliminating the challenges associated with routine tasks.
DataSnipper, a leading intelligent automation platform catering to audit and finance professionals, has successfully raised $100 million in a Series B funding round led by Index Ventures. The funding round has propelled DataSnipper to a valuation of $1 billion, emphasizing its commitment to revolutionize auditing processes with the integration of artificial intelligence (AI). This follows a prior investment by Insight Partners in September 2022.
Audit, being fundamental to the global economy, plays a crucial role in instilling confidence in financial data integrity, powering economic growth. DataSnipper's mission is to empower auditors with AI, aiming to automate up to 90% of mundane tasks and drive business growth by halving operational costs.
CEO Vidya Peters highlighted the significance of data verification in today's data-driven economy, stating, "Half the world is creating more data than ever before, half the world needs to verify it – that's the premise of the entire economy." DataSnipper positions itself at this intersection, facilitating auditors in efficiently validating and reconciling vast datasets.
Established six years ago, DataSnipper has consistently doubled its revenue annually and serves over 400,000 auditors across 125 countries. Notable clients include industry giants like Deloitte, KPMG, Ernst & Young, and PwC. While initially focused on external audit processes, the Series B funding will aid DataSnipper in expanding its reach to new verticals such as internal auditors, tax advisors, and forensic accountants. The company is already catering to clients like Hilton, Siemens, Frontier Airlines, and the Government of Queensland in these segments.
DataSnipper's AI-powered platform addresses the challenges faced by auditors, who are grappling with increased regulation, heightened scrutiny, and a surge in data volumes. Manual processes are proving inadequate, leading to bottlenecks and auditor burnout. The platform integrates automation directly into Excel, allowing auditors to streamline tasks by 'snipping' numbers from various files, automatically reconciling against transactions and creating efficient audit trails.
The new funding will also support DataSnipper's expansion across the Asia-Pacific and Latin American markets. The company recently introduced product suites, including the Cloud Collaboration Suite for real-time team coordination and the AI Suite for natural language queries and automatic analysis of unstructured documents and data.
The Series B funding, led by Index Ventures, follows a $50 million Series A round raised by DataSnipper in the previous year from Insight Partners. Hannah Seal, Partner at Index Ventures, will join DataSnipper's board, underscoring the strategic importance of the investment.
DataSnipper aims to redefine the audit culture, injecting efficiency, collaboration, and enjoyment into the process, ultimately allowing auditors to focus on strategic insights and specialized assessments rather than mundane tasks.
