Trullion, the leading financial automation platform, today (Feb 16th) announced that it has closed $15 million in Series A funding, led by Aleph and Third Point Ventures. Existing investors such as Greycroft, and seasoned financial executives Bob Mylod, Artie Minson, Jody Padar, and Guzel Lumpkin also participated in the round.
The finance community, and accounting world more specifically, is still plagued with legacy processes, such as manual data entry, spreadsheets, and PDFs. Not only are these methods out-of-date and extremely inefficient, but they also pose a risk of creating critical and costly errors. Accounting errors from incorrect data entry or omission and compliance oversight can harm a brand’s reputation and cost it millions of dollars. Plus, the standards of accounting practices are continuously evolving, making the industry even more complex. The most recent new standard requires the inclusion of lease liability to S&P 500 balance sheets. As the accounting system is forever changing and continues to grow in intricacy as the industry matures, new and innovative solutions that address its shortcomings are invaluable.
Say goodbye to manual (and costly) accounting
Though accounting legacy processes can severely compromise a business in more ways than one, they are still very commonplace. Trullion is upending the traditional accounting paradigm by ridding the industry of manual and laborious practices, thus bringing it into the 21st century.
Trullion is an AI- powders platform that utilizes unstructured data, such as PDFs, and translates it into real-time financial images, including Lease Accounting and Revenue Recognition. As a financial automation platform, Trullian breaks down data silos and creates visibility into a company's financials through digitization. They provide unparalleled levels of data accurately and efficiently and automate workflows for accounting teams to collaborate in real-time with their auditors. Whether you're an accounting firm, auditor, or CFO, you’ll see how beneficial modernizing to a digital approach for managing your financial data can be.
With the Series A capital, Trullion plans to grow its vision by expanding its engineering, sales, and marketing teams, as well as accelerating product development. They already work with major Big Four and regional accounting firms and organizations, from pre-IPO to multinational Fortune 500, including clients like Lemonade, Taboola, Eisai, HMD, and Workrise. Since they support both U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS), Trullion can support clients across the globe.
“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.”- said Michael Eisenberg, General Partner at Aleph.
Trullion was founded by Isaac Heller (CEO) and Amir Boldo (CTO) at the beginning of 2021. To date, they have raised $20 million.