AI finance startup Light raises funding from Revolut backer Balderton
Light uses artificial intelligence to automate companies’ finance and accounting functions.
Light
Danish Startup Light is the last of a series of European technology companies that collect cash while searching for the next big thing in artificial intelligence.
Founded in 2022, Light develops software that uses AI to automate various functions, including accounting, notebook holding and financial reporting in financial teams of businesses.
Copenhagen -based company CNBC, FinTech Unicorns Revolut and Gocardless’s early investor Balderton Capital’dan A Series fund round, he said.
Atomico, Cherry Ventures, Seedcamp and Entrée Capital de Sorry FACE Founding Partner Thomas Wolf and Meta Charlie Songhurst member of the Board of Directors.
Light’s CEO and founding partner Jonathan Sanders, CNBC’ye told, Light’s “commercial side of the business” to double “plans to use the money, he said. The initiative recently opened an office in London and says it plans to open one in New York to meet the US demand.
Light is not the only start using AI to facilitate companies’ finance and accounting processes.
Pigment, a business planning and estimation platform designed to be more user -friendly than Microsoft Excel last year He collected 145 million dollars In a valuation of $ 1 billion. More recently, the accounting software started Pennylane 75 million euros ($ 88.4 million) and doubled its valuation to 2 billion euros.
Currently, the software market that helps companies manage their financial situation, Microsoft– Prophecy And Hole. However, these systems can often be cumbersome, which may require experts to “walk around the edges for one or two years only to work”.
Sanders, CNBC’ye told, “We really need to expand a system that needs a quick growing, fast -growing, fast -scale companies serve.” He said. Cute among Light’s customers, Buzzy Swedish AI company Recently worth 2 billion dollars and you Labs Acquired by workday 1.1 billion dollars.
Sanders said that AI can quickly transform how AI handles companies’ financial situation. “The future of the numbers,” he says. For example, instead of eliminating a team’s policies to find food allowance, it can be automated by an AI representative with access to the relevant documents.
According to Sanders, Light wants to focus on the big, institutional level customers struggling with “broken processes and workflows”. “No human team can constantly analyze, reconnect and update thousands of pages of politics for consistency.”
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