Automated bookkeeping solution company botkeeper has picked up a $4.5m Seed investment led by Ignition Partners.
Other backers to the round included former Microsoft CFO John Connors, 500 Startups partner Matthew Johnson, Correlation Ventures’ Trevor Kienzle and Talla founder Rob May. As part of the transaction Ignition Partners principal Kellan Carter and Atlantis Technologies CEO Tom Biggins will join botkeeper’s board.
US-based botkeeper automates bookkeeping tasks through its machine learning, AI and human assistance processes. The solution access’ all of a client’s financial information such as banks, credit cards and accounting software, to track and schedule revenue and deferred expenses, account for payroll, send invoices and reconcile bank accounts, among other tasks.
This equity injection will be used to boost product development and expand its sales and marketing activities.
botkeeper CEO Enrico Palmerino said, “Using AI and ML, botkeeper can eliminate the inefficiencies, complexities, and prohibitive costs inherent in traditional accounting processes and tasks. botkeeper leverages these advanced computer science techniques to analyze diverse company-wide data sets, categorize expenses, and execute timely accounting actions automatically – all with 99.97% accuracy.”
Ignition Partners led the $8m Series A investment into InsurTech startup Tractable, last year, to support the company with its scaling and developing new insurance solutions.
Last year, Bookkeeping automation platform Receipt Bank scored $50m in its Series B round led by Insight Venture Partners, and accounting and bookkeeping support platform Hubdoc bagged $4.84m in its Seed round.
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