DataSnipper, an Amsterdam-based startup focused on AI-driven accounting automation, has successfully concluded a $100 million funding round, spearheaded by Index Ventures. The funding positions the company at a valuation of $1 billion, marking a significant milestone in its six-year journey.
The company’s core offering, the DataSnipper platform, leverages artificial intelligence to streamline tasks for accounting professionals and auditors. With a user base of over 500,000 accounting professionals across 125 countries, DataSnipper has reported a doubling of both revenue and customer numbers over the past year.
One of DataSnipper’s key features is its ability to expedite the financial statement verification process for external auditors. By integrating with Excel spreadsheets, the platform automates the matching of expenses with corresponding receipts, significantly reducing the time required for this traditionally manual task.
Vidya Peters, CEO of DataSnipper, emphasized the platform’s efficiency in addressing the challenges faced by auditors. The company aims to alleviate the burden on professionals by automating up to 90% of routine tasks, allowing auditors to focus on more strategic aspects of their work.
In addition to financial statement verification, DataSnipper offers a tool for extracting financial information from business documents into a spreadsheet, simplifying tasks like tracking merchandise purchases. The recent funding injection will be instrumental in the company’s plans to expand its market presence in the Asia Pacific region and Latin America.
Hannah Seal, partner at Index Ventures, expressed confidence in DataSnipper’s value proposition and its rapid adoption among users. Seal highlighted the company’s commitment to addressing the practical needs of auditors and finance teams without unnecessary hype.
DataSnipper’s clientele already includes industry leaders such as Deloitte, KPMG, Ernst & Young, PwC, Hilton, Siemens, Frontier Airlines, and the Government of Queensland. As DataSnipper continues to reshape the audit culture, the funding will play a pivotal role in further development and market expansion, targeting not only external auditors but also internal auditors, tax advisers, and forensic accountants.