Accounting platform AccountsIQ has secured $65m to build AI-powered cloud-based services for accounting departments in mid-sized companies.
The Dublin-based company offers digital accounting services, including banking and business intelligence, through a software-as-a-service subscription model.
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AccountsIQ secured the Series C funding round from Axiom Equity, a specialist B2B SaaS growth equity fund.
The investment will help create products that utilise the advancement of AI throughout all aspects of the solution, the company said.
The accounting platform is hosted on Microsoft‘s Azure and is currently utilising its AI tools to offer a new range of services, which includes AI features that make accounting more efficient.
“Having hit a critical milestone with over 1,000 customers, we are now poised to take the AccountsIQ product and service to the next level,” Tony Connolly, founder and CEO of AccountsIQ, said.
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By GlobalData“This investment comes at a perfect inflection point for our offering, to allow us leverage AI tools into practical, easy-to-adopt services for our user base; to make finance team roles more flexible, valuable, less repetitive and indeed more interesting,” Connolly added.
In a December 2023 AI-Driven Finance survey from OneStream Software, the AI-powered finance company found that 80% of 800 finance leaders surveyed across the globe believe AI will enable increased productivity and efficiency.
“AI’s integration in finance isn’t just revolutionising processes; it’s inspiring the next generation of finance talent,” Matt Rodgers, executive vice president, EMEA at OneStream, said.
“With less people entering the profession than before, widening the skills gap, this technological revolution isn’t just about the tools; it’s about cultivating an environment that encourages the next generation to contribute their creativity and expertise to the evolving world of finance,” he added.
GlobalData forecasts that the overall AI market will be worth $909bn by 2030, having grown at a compound annual rate of 35% between 2022 and 2030.
In the GenAI space, revenues are expected to grow from $1.8bn in 2022, to $33bn in 2027, a CAGR of 80%. GenAI is expected to impact every industry and become a catalyst for broader AI capabilities such as machine learning and computer vision.
