Accounting firms, auditors and CFOs benefit from a modernized, digital approach to managing their financial data, incorporating automation and AI
Trullion, the leading financial automation platform, announced that it has closed $15 million in Series A funding, co-led by Aleph and Third Point Ventures, with participation from existing investors Greycroft and Verissimo Ventures, and seasoned financial executives including Bob Mylod, Artie Minson, Jody Padar, and Guzel Lumpkin. Trullion will use the funding to accelerate its vision of modernizing the accounting and financial services industry.
Accounting and finance teams are still bound by legacy processes, including manual data entry, spreadsheets, and PDFs, which mean that they are at high risk for critical and costly errors. Meanwhile, continually evolving standards – including new lease accounting standards – are estimated to have brought $2 trillion of lease liability to S&P 500 balance sheets, adding further complexity and potential data inaccuracy. Trullion’s AI-powered platform extracts data from source documents, and automates workflows for accounting teams to collaborate in real-time with their auditors, providing unparalleled levels of data accuracy and efficiency.
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“Trullion is at the vanguard of bringing accounting into the 21st century. A shared data exchange should enhance audits and make accounting more real-time,” said Michael Eisenberg, General Partner at Aleph. “We are excited that many regional accounting firms and Chief Accounting Officers are leaning into the future and driving a more transparent and actionable financial ecosystem.”
“Trullion is upending the traditional accounting paradigm, by breaking down data silos, and creating a single source of truth that saves teams time, and gives them new levels of accuracy in their financial data,” said Robert Schwartz, Managing Partner at Third Point Ventures. “Trullion has quickly demonstrated the unique value it delivers to the accounting and finance industry, and we’re excited to invest and directly assist Trullion as it executes on its mission.”
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Trullion, which has a presence in New York and Tel Aviv, Israel, will use the funds to hire across a variety of engineering, sales and marketing roles, as well as accelerate product development. Trullion works with major Big Four and regional accounting firms, and organizations from pre-IPO to multinational Fortune 500s. Trullion supports both U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS), with customers across five continents.
“Accounting errors due to incorrect data entry, omissions, and compliance oversights can cost organizations millions of dollars and harm their brand reputations, yet it’s still all too commonplace for manual, laborious practices to pervade,” said Isaac Heller, co-founder and CEO of Trullion. “This funding is a key milestone for Trullion as we continue to set the standards for the accounting and finance industry.”
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