Viking Global Investors Leads Round to Double Down on AI Product Investment
Canopy, the firm-wide operating system designed to help accountants operate the accounting firm of the future, has announced a $70 million Series C funding round. Viking Global Investors–a global investment firm with over $51 billion in capital under management–led the round, with continued participation from existing investors Ten Coves Capital, Ankona Capital, Pelion Venture Partners, and Tenaya Capital.
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Coming fast on the heels of a $35 million round in May 2024, this funding will be used to further ramp up Canopy’s already market-leading investment in its platform, with a particular focus on leveraging AI to make medium and large accounting firms more efficient and profitable. The company will also be evaluating opportunities to grow through acquisitions.
“At Canopy, our mission is to help accountants to focus on what drew them to the profession in the first place: being accountants. They want to apply their expertise to delivering real value to clients–not chasing documents, renaming PDFs, and sending invoices. We were already making these tasks easier, but with AI we’re now automating them away entirely,” said Canopy CEO Davis Bell. “This frees up time and resources and generates insights that help firms better serve clients, increase profitability, and reduce team burnout. As the operating system for accounting firms, Canopy is the natural starting point for the AI transformation of the industry.”
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