Docyt, a Santa Clara, CA-based accounting automation software platform for small-and-medium-sized businesses, raised $11.5m in Series A funding.
The round was led by Lobby Capital with participation from First Rays Venture Partners and Morado Ventures.
The company intends to use the funds to secure talent to expand the team and double down on customer acquisition.
Led by Sidharth Saxena, co-founder and CEO, Docyt charges accounting ledgers, like QuickBooks®, by using machine learning to intelligently automate financial data collection, digitization, categorization and reconciliation. By replacing multiple income, spend management, document collection, and collaboration tools – which don’t communicate with each other – Docyt creates a single cloud-based accounting workflow solution, which allows small-and-medium-sized businesses to streamline their financial operations into one transparent workflow.
By connecting bank accounts and scanning or emailing receipts, bills and revenue statements, Docyt’s machine learning will extract data to power workflows, categorize and reconcile bank and credit card transactions with uploaded documents, syncing everything into the accounting ledger.
FinSMEs
06/04/2022