TL;DR:
- DataSnipper secures €92 million in Series B funding led by Index Ventures, attaining a valuation of $1 billion.
- The company’s mission is to empower auditors with AI technology, following a year of substantial customer base and revenue growth.
- DataSnipper targets the universal workflow of auditing, catering to over 400,000 auditors across 125 countries.
- The new funding will fuel expansion into various verticals, including internal auditors, tax advisors, and forensic accountants.
- DataSnipper introduces innovative product suites, enabling secure real-time collaboration and natural language queries with AI analysis.
- External auditors face increasing pressure due to regulatory demands and surging data volumes, leading to talent turnover.
- DataSnipper’s AI-powered platform automates auditing tasks, reducing hours of manual work and reinvigorating the profession.
Main AI News:
Amsterdam-based DataSnipper, a prominent intelligent automation platform catering to audit and finance professionals, has successfully raised an impressive €92 million in its Series B funding round, spearheaded by Index Ventures. This achievement has elevated the company’s valuation to a remarkable $1 billion, further solidifying DataSnipper’s mission to empower auditors with cutting-edge AI technology. This remarkable milestone follows a prior investment by Insight Partners in September 2022, indicating the substantial momentum and investor confidence behind DataSnipper.
Audit, a fundamental pillar of the global economy, plays a pivotal role in fostering confidence in financial data authenticity on a worldwide scale. It transcends being a mere sector, as it is an intrinsic workflow occurring both within and outside of all organizations. Vidya Peters, CEO of DataSnipper, emphasizes this, stating, “Half the world is generating unprecedented volumes of data, while the other half needs to validate it. That’s the foundation of the entire economy.” Peters further underscores that with DataSnipper’s innovative tool, auditors can automate up to 90% of routine tasks, thereby catalyzing business growth by substantially reducing operational costs.
Founded in 2017, DataSnipper has consistently doubled its revenue over several consecutive years. Currently serving over 400,000 auditors across 125 countries, including industry giants such as Deloitte, KPMG, Ernst & Young, and PwC, DataSnipper is not content with resting on its laurels. The new influx of funding will facilitate DataSnipper’s expansion into various verticals, including internal auditors, tax advisors, forensic accountants, and other sectors that necessitate data reconciliation. Notably, DataSnipper already boasts esteemed clients such as Hilton, Siemens, Frontier Airlines, and the Government of Queensland within these segments. Furthermore, the company is rapidly expanding its footprint in the Asia-Pacific and Latin American markets.
In a bid to better serve finance professionals across diverse sectors, DataSnipper has recently unveiled new product suites. The Cloud Collaboration Suite enables secure and seamless real-time collaboration among geographically dispersed teams. Meanwhile, the AI Suite empowers users to inquire in natural language, with automatic analysis and extraction of insights from unstructured documents and data.
One of DataSnipper’s pivotal features attracting external auditors is its response to the sector’s growing challenges. Increasing regulation and scrutiny, coupled with a surge in data production, have placed tremendous pressure on auditors. This has resulted in time-consuming manual document review and data reconciliation, leading to a substantial exodus of auditors from the profession. DataSnipper’s AI-powered platform tackles this head-on by introducing efficiency and satisfaction into the audit process. The platform seamlessly integrates automation into Excel, allowing auditors to effortlessly ‘snip’ data from any file, such as invoices, bank statements, or inventory documents. These ‘snips’ are then automatically reconciled with transactions, creating airtight audit trails with a simple click. Tasks that once took hours are now accomplished in seconds, liberating auditors from monotonous work and enabling them to focus on strategic insights. By meeting auditors where they work and leveraging AI to amplify their expertise, DataSnipper is reinvigorating a profession that has been losing talent due to monotony and inefficiency.
Hannah Seal, a partner at Index Ventures who led the funding round and will be joining the board, commented, “DataSnipper addresses the confluence of major trends in the audit sector – escalating regulation, talent turnover, and the growing demand for challenger firms beyond the Big Four. It’s not merely a technology searching for a use-case; it’s a profound unmet requirement among auditors and finance teams. DataSnipper’s expansion into new sectors is a direct response to user demand, as professionals consistently seek the product after experiencing its remarkable speed and user-friendliness. By starting from auditors’ existing Excel workflows instead of imposing a shift to a new platform, adoption is swift, and user loyalty is unwavering. We are excited to support Vidya and the entire team as they scale globally, addressing the critical needs of the audit industry.“
Conclusion:
DataSnipper’s successful Series B funding and its commitment to revolutionizing auditing with AI technology signal a significant advancement in the market. With an expanding customer base and innovative product offerings, DataSnipper is poised to address the growing challenges faced by auditors and finance professionals, ushering in a new era of efficiency and collaboration in the auditing sector.
