CHARLOTTE – The artificial intelligence startup company Anduin, headquartered in Charlotte, has raised more than $14 million in a seed round led by Steve Case’s Revolution Ventures.
With the funding, the company plans to expand its platform, which helps accounting and professional service firms modernize invoicing and billing, and plans to add technical capacity to deliver two new solutions for clients, it noted in a statement.
22 investors participated in the round, which was for about $14.1 million, according to an SEC filing.
The company said that the current state of how practice management is conducted is outdated, and that systems are currently disconnected and require high-value, licensed professionals to spend time manually executing day-to-day back-office tasks. That could “lead to suboptimal productivity, lost or delayed revenues, and frustrated clients,” the company noted in its statement.
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“When we started Anduin last year we invited accounting firm leaders to tell us their biggest problems so we could purpose-build solutions to solve them,” said CEO Justin Adams in a statement. “Firms needed to speed up revenues, save partner time in the billing process, and further strengthen their financial footing.”
The company’s product, launched in December 2020, recently was voted the “Top New Product” by Accounting Today.
“With this next round of funding, we’ll partner with CPA firms and other industry tech leaders to introduce a new wave of AI-based practice management solutions and predictive insight tools,” said Adams.
The company also recently decided to become carbon neutral and is a client of new Triangle startup Green Places, Alex Lassiter, the CEO of Green Places told WRAL TechWire today.
