Launch of Numra’s new AI-powered assistant helps improve productivity by 30% to 50%
AI-powered financial automation platform Numra has raised €1.5m in funding in a round led by Elkstone, which has also backed successful Irish start-ups such as Manna, Flipdish and LetsGetChecked.
Numra – formerly known as Autonifai – provides finance and accounting teams with the tech infrastructure needed to scale. Powered by AI, the integrated and intuitive solution streamlines complex financial workflows to save time and eliminate errors to reduce costs.
“AI will have a transformative impact on the role of accountants and finance departments everywhere”
By offloading time-consuming tasks such as data entry, reconciliations, and error investigations, Numra’s technology increases team capacity to better support clients and business development. Chartered accountancy firm providing services for Irish and international markets, BDO, are participating in the Pilot.
The Numra is up for hefty workloads
Founded in 2023, by David Kearney (co-founder of Peblo acquired by Wayflyer) and Conor Digan (ex-Wonder, GerYourGuide), Numra today also announced the launch of its new AI-powered accounts assistant.
Managed through the Numra platform, the AI Assistant improves the teams productivity by 30-50% by allowing it to manage collections, 3-way matching, payments, process invoices, and perform reconciliations and detailed cost allocations. Users can also interact with the tool over email, Microsoft Teams, Slack and other chat software to further streamline operations.
“AI will have a transformative impact on the role of accountants and finance departments everywhere,” said David Kearney, Co-Founder and CEO of Numra.
“The advent of LLMs means that what was once unimaginable is now possible. 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.
“Inefficiencies continue to plague the finance profession at a time when productivity and morale are more important than ever.”
A recent report by Gartner shows that 73% of accountants have seen their workloads surge over the past three years. Additionally, 69% of CFOs are struggling to recruit for vacant positions, while nearly one-third of finance leaders citing staff turnover and dwindling morale as major obstacles to growth. By bringing intelligent automations to finance, Numra aims to empower CFOs and their teams to modernise processes and access growth.
“Numra is the perfect example of how Irish innovators are leveraging artificial intelligence to address the current and future 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,” said Niall McEvoy, Venture Partner at Elkstone.
Numra will use the additional funding to hire across product and engineering, drive further product development, and expand to the US market.
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