Trullion, which has developed an AI-based accounting platform for managing and automating real-time financial workflows, has completed a $ 15 million round of funding.
The current round of fundraising has been led together by the Aleph and Third Point ventures, joined by Greycroft, which has previously invested in the company, and veteran and well-known financial executives abroad such as Bob Mild, Artie Minson, Judy Feder and Gozel Lampkin.
The recruitment will enable the company to accelerate the development of the product and service it provides to its customers in the accounting and financial services industry, as well as expand its workforce. The company’s total funding stands at $ 18.5 million.
According to the company, the accounting industry rolls in about $ 400 billion a year, but is still considered a conservative field, which does not use innovative technology to streamline work. Finance professionals use complicated Excel documents that contain a lot of data, which are calculated manually and take a long time to get the results and financial insights. These manual actions sometimes cause quite a few glitches, mistakes and losses of funds.
The company is developing a financial automation platform that translates data from PDF files, Excel and more, using artificial intelligence, and produces financial information from them in real time. The software scans companies’ contracts, knows how to extract and translate the relevant accounting data, and actually interprets them for customers. The company turns to CFOs and accounting firms, and makes it easier for them to read and organize many long financial reports. Its clients include companies such as: Lemonade, Taboola, Eisai, HMD, Workrise and more. The company was founded in 2019 by Yitzhak Heller and Amir Boldo, It has offices in Tel Aviv and New York and employs about 30 workers, most of them from Israel.
“The world of accounting of 2022 still advocates manual and outdated methods, leading to quite a few mistakes, and even significant financial losses for companies and organizations.” Says Isaac Heller, co-founder and CEO of Trullion. “The product we have developed solves exactly these problems, and brings digitization to the world of accounting.”
Michael Eisenberg, Managing Partner at Aleph: “Trollion brings the accounting industry to the 21st century. The data the company provides is expected to improve audits and cause professionals’ processes to present accurate insights in real time. We are excited that many accounting firms are moving to a more transparent and easy-to-operate financial system. “.
Robert Schwartz, Managing Partner at Third Point Ventures: “Trollion is upgrading the traditional accounting paradigm by creating one reliable and genuine source that saves teams time and gives them new levels of accuracy in their financial data.”
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