DataSnipper Secures $100M Funding for Its AI-Based Accounting Automation Platform

Amsterdam-based tech startup, DataSnipper NV has raised $100 million in a funding round spearheaded by Index Ventures. The investment boosts the company’s valuation to $1 billion, following a year when it doubled in both revenue and customer base. DataSnipper’s revolutionary software, used by over half a million accounting professionals across 125 countries, harnesses artificial intelligence to streamline accounting processes.

Streamlining Accounting with AI

Accounting accuracy is paramount to enterprises. They hire external auditors to verify the correctness of their financial statements. DataSnipper offers an AI-powered platform that aids external auditors in efficiently accomplishing this task. The platform compresses workloads that usually take hours into a matter of seconds.

Typically, financial statements are in the form of Excel spreadsheets with individual expenses organized in separate rows. Auditors confirm the accuracy of financial statements by cross-verifying them with a company’s other documents. For instance, each business expense in a spreadsheet should correspond with a receipt.

DataSnipper’s platform expedites this process. When an auditor selects an expense in a financial statement, the platform automatically locates the corresponding receipt or other related documents. It then displays the document in a sidebar within the Excel interface, enabling auditors to swiftly verify that all sums match.

Enhancing Tests of Details and Controls

DataSnipper’s platform significantly speeds up tests of details, where auditors check the accuracy of individual items within a financial statement. Furthermore, it simplifies tests of controls, which focus on verifying the accuracy of the workflows through which a company produces its financial statements.

Automating Data Extraction into Spreadsheets

At times, accounting teams need to extract financial information from business documents into a spreadsheet. Historically, creating these spreadsheets required substantial manual work. DataSnipper provides a tool that automates data loading into spreadsheets. It allows auditors to select the parts of a document from which they want to extract information via a drag-and-drop interface. The tool then automatically loads data from the chosen fields into a spreadsheet.

Broadening Adoption and Market Expansion

The funds raised in the latest investment round will enable DataSnipper to increase its platform’s adoption among internal auditors, tax advisers, forensic accountants, and other knowledge workers. Additionally, the company plans to extend its market presence in the Asia Pacific region and Latin America. With the world creating more data than ever, DataSnipper aims to be at the intersection of data creation and verification, echoing the words of its CEO, Vidya Peters.