In a significant development within the financial technology sector, WiseLayer, an AI-driven fintech company, has successfully raised $7.2 million in a recent funding round. This round was led by Canaan Partners, with additional participation from K5 Global, The Fintech Fund, Unpopular Ventures, and several industry angels.
Established in 2022 and headquartered in New York City, WiseLayer specialises in creating AI-powered digital workers tailored for finance and accounting teams. These digital agents are designed to automate complex, repetitive processes, thereby enhancing efficiency and accuracy within financial operations. Currently, more than 100 companies, including mid-sized firms and public enterprises, utilise WiseLayer’s AI solutions.
The company’s suite of AI agents includes:
- Angela: Specialises in automating accruals and revenue recognition processes.
- Dennis: Focuses on identifying and resolving financial discrepancies and anomalies.
Additionally, WiseLayer has developed four new AI agents, each dedicated to specific tasks:
- Bank reconciliations
- Fixed asset depreciation and amortisation
- Lease accounting
- Prepaid expenses
These agents integrate seamlessly with over 300 major Enterprise Resource Planning (ERP), billing, procurement-to-payment (P2P), and Human Resource Information Systems (HRIS), consolidating data and automating time-consuming tasks.
The newly secured funding is set to accelerate the development of these task-specific AI workers, further enhancing their efficiency and expanding their capabilities. Moreover, WiseLayer plans to bolster its customer support infrastructure and drive market expansion to serve a broader clientele.
Brendan Dickinson, General Partner at Canaan Partners, expressed confidence in WiseLayer’s trajectory, stating, “The exceptional early traction that WiseLayer has achieved with its many large customers, each of whom love their product, demonstrates a clear market need. We’re thrilled to support WiseLayer’s next phase of growth as they enhance their AI-powered digital workforce for finance and accounting teams.”
Josh Stein, CEO and co-founder of WiseLayer, highlighted the company’s mission: “Finance and accounting teams have some of the most brilliant people at any company, yet their brainpower is often spent on recurring administrative and compliance tasks like accruals, revenue recognition, and more. WiseLayer’s mission is to build AI agents to automate these repetitive, laborious processes with precision, so that these highly skilled people can focus on strategic financial initiatives that drive company growth.”
As WiseLayer continues to innovate and expand its AI-driven solutions, the company is poised to play a pivotal role in transforming financial operations, enabling teams to allocate their expertise towards more strategic, value-added activities.
