Roger.ai has raised $7.53 million in Series A funding for its artificial intelligence-driven accounting automation tool. The product, Roger, is emerging during a time when AI is driving major change in the profession, creating efficiency allowing for accountants to increase their client bases and provide higher-level services.
Roger works on top of existing accounting software to automate financial processes like bill pay, approvals, receipt scanning, compliance and bookkeeping with workflows designed for anyone to set up and manage. Customers range from small to mid-sized businesses from different industries, along with bookkeeping and major accounting firms.
“This wave of automation that we are seeing now shows that we can automate not just manual tasks, but on top of that, give business insights on what similar businesses are doing,” Cathrine Andersen, Roger co-founder and CEO, told Accounting Today. “When we can do that, we can lift that off [accountants’] shoulders entirely so accountants and bookkeepers can focus on giving even tiny businesses great advice.”
Last year, Anderson told Accounting Today that Roger.ai had "very large potential" and could become a very large company. This latest funding seems to be on track with her vision.
“We have built a great foundation, and this investment means we can give every customer a world-class experience even as we are growing very rapidly,” said Christian Rasmussen, co-founder and CTO, in a prepared statement. “We’re excited to have such a tremendous group of investors and advisors behind us as we grow.”
Roger.ai went to market with its accounts payable solution in early 2018. Since then, the company reports thousands of paying customers, including more than 100 accounting partners.
The Series A funding was led by QED Investors, with participation from 9Yards Capital, Silicon Valley Bank, Financial Venture Studio, BootstrapLabs, and Dan Wernikoff, former GM of QuickBooks and TurboTax, along with other angel investors. Matt Risley, partner at QED Investors, called Roger “by far the most sophisticated product we’ve seen for SMB accounts payable.”
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