Trullion, a New York-based provider of corporate accounting software, announced that it raised an additional $15 million in Series A funding to accelerate its growth and expand its product offerings.
The additional funding was led by Stepstone Group, with full participation from its existing investors Aleph, Third Point Ventures, and Greycroft.
The company completed $30 million in Series A financing, including $15 million from its initial Series A round led by Third Point Ventures, bringing its total raised to $34 million.
Trullion plans to use the new funding to accelerate the growth of its artificial intelligence (AI)-based applications, and to develop two new modules supporting audit and revenue recognition.
The company's AI-powered accounting platform connects corporate controllers, CFOs, and external auditors on one platform, providing a single source of truth for financial leaders.
"It is a pivotal moment now for the financial sector and our solution creates transparency at a time when that is needed most," says Trullion CEO Isaac Heller. "We had a strong balance sheet from our Series A, but given our 2022 performance and multi-year growth prospects, we saw an opportunity to bolster our product investment while bringing on a top global investment partner in Stepstone."
Trullion leverages artificial intelligence and machine learning to automate accounting and compliance workflows, such as Lease Accounting, Revenue Recognition, and Audit automation tools.
Company: Trullion Ltd.
Raised: $15.0M
Round: Series A
Funding Month: April 2023
Lead Investors: Stepstone Group
Additional Investors: Aleph, Third Point Ventures, and Greycroft
Company Website: https://trullion.com/
Software Category: Accounting Software
About the Company: Established in 2019, Trullion is an AI-powered accounting platform that automates financial workflows for CFOs, accountants, and auditors to increase efficiency, prevent costly oversights, and drive collaboration. Trullion unifies the unstructured and structured worlds of business finances by reading leases and sales agreements in any format and translating them into a live 360 data image of your transactional workflow. Its platform automates data entry, saving time and preventing costly errors. The company's mission is to build the next evolution of accounting software. Trullion is headquartered in New York, NY with offices in Tel Aviv.
Source: https://www.prnewswire.com/news-releases/trullion-raises-additional-15-million-to-expand-ai-powered-accounting-technology-portfolio-301797852.html