Accounting Workflow Automation Platform, Docyt, Raises $1.5 Million
First Rays Venture Partners leads over-subscribed seed-extension round.
SANTA CLARA, Calif.–(BUSINESS WIRE)–Today, Docyt, an accounting automation software platform that transforms bookkeeping for small-and-medium-sized businesses announces a $1.5 million seed-extension led by First Rays Venture Partners with participation from Morado Ventures and angel investors.
Docyt turbocharges accounting ledgers, like QuickBooks, by using machine learning to intelligently automate financial data collection, digitization, categorization, and reconciliation. By replacing multiple payment, expense, document management, and reconciliation tools, which don’t communicate with each other, Docyt creates one native, end-to-end, cloud-based accounting workflow solution. This allows small-and-medium-sized businesses to streamline their finances into one efficient, transparent workflow.
“Docyt is the first company to apply AI across the entire accounting stack. Docyt software’s AI-powered data extraction, auto categorization, and auto reconciliation is unparalleled. It’s an enterprise-level, powerful solution that’s affordable and accessible to small and medium businesses,” said Amit Sridharan, Founding General Partner at First Rays Venture Partners.
“Our vision is to provide a completely automated end-to-end accounting experience for small and medium businesses. With Docyt, a business owner can handle day-to-day workflows to pay bills, reimburse expenses, record revenue, as well as automate their bookkeeping across all their business locations. And, accounting firms can use Docyt to automate bookkeeping for all their clients,” said Sugam Pandey, Docyt Co-Founder and CTO.
The initial seed investment of $2.2 million from Morado Ventures, AME Cloud Ventures, Westwave Capital, Xplorer Capital, Tuesday, and angel investors was used to develop a unique, sophisticated, user-friendly product which incorporates AI to simplify and speed up the end-to-end accounting workflow. The additional $1.5 million will be used to accelerate customer growth.
Docyt, pronounced “docket”, is an accounting automation software platform. It’s a single system, which uses machine learning, to automate all financial workflows – both income and expense side – and provides real-time ledger reconciliation and financial statements. For the first time, real-time financials are available through Docyt.