Docyt, a Santa Clara, CA-based accounting automation software program platform for small-and-medium-sized companies, raised $11.5m in Sequence A funding.
The spherical was led by Foyer Capital with participation from First Rays Enterprise Companions and Morado Ventures.
The corporate intends to make use of the funds to safe expertise to broaden the crew and double down on buyer acquisition.
Led by Sidharth Saxena, co-founder and CEO, Docyt costs accounting ledgers, like QuickBooks®, by utilizing machine studying to intelligently automate monetary information assortment, digitization, categorization and reconciliation. By changing a number of earnings, spend administration, doc assortment, and collaboration instruments – which don’t talk with one another – Docyt creates a single cloud-based accounting workflow answer, which permits small-and-medium-sized companies to streamline their monetary operations into one clear workflow.
By connecting financial institution accounts and scanning or emailing receipts, payments and income statements, Docyt’s machine studying will extract information to energy workflows, categorize and reconcile financial institution and bank card transactions with uploaded paperwork, syncing all the pieces into the accounting ledger.