From left: Conor Digan and David Kearney. Image: Numra
Founded by David Kearney and Conor Digan last year, Numra has its eyes set on the US as it grows its product and engineering teams following fresh funding.
Numra, an AI-powered financial automation platform, has announced a raise of €1.5m to increase its headcount and expand to the US market.
Formerly known as Autonifai, the Numra platform uses AI to streamline complex workflows for finance and accounting teams with tasks such as data entry, reconciliations and error investigations. The idea is to help companies save time and reduce errors.
It was founded last year by David Kearney (co-founder of Peblo, which was acquired by Wayflyer) and Conor Digan (formerly of Wonder and GetYourGuide).
Alongside the funding round led by Elkstone Partners, one of Ireland’s leading early-stage VC firms, Numra also launched its AI assistant for accounting teams today (16 May).
Numra claims that the assistant can increase team productivity by up to 50pc by allowing them to manage collections, three-way matching, payments, invoices, reconciliations and cost allocations. Users can interact with the tool over email, Microsoft Teams and Slack, among other platforms.
Kearney, who is the CEO of Numra, said that AI will have “a transformative impact” on the role of accountants and finance departments everywhere.
“The advent of LLMs [large language models] means that what was once unimaginable is now possible,” he said. “At Numra, our AI’s capability to ingest and process vast amounts of unstructured data enables us to redefine the boundaries of productivity and transform how finance departments operate.”
The company will now use the funding to hire across its product and engineering teams as well as look at a US expansion to scale its business.
Niall McEvoy, venture partner at Elkstone, called Numra the “perfect example” of how Irish innovators are leveraging AI to address challenges in sectors such as finance. “At Elkstone, we are proud to be a part of Numra’s journey from such an early stage and to support them with the launch of their AI power accounts assistant,” he said.
Just last week, Elkstone co-led a $2.5m pre-seed funding round for Irish game-tech start-up Jamango. The firm has previously invested in Irish success stories such as Manna Drone Delivery, Flipdish and LetsGetChecked.
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