AccountsIQ secures €60m to embed AI into accounting platform
Dublin-based financial management software firm AccountsIQ has bagged a €60 million Series C investment from growth investment fund Axiom Equity.
AccountsIQ raises €60m Series C from Axiom Equity
The company, which was founded in 2004, says the investment will be used to “move to the next level of its development”.
This will include “enhancing its AI capability” and “growing its resources to more than double its team to over 200 people over the next few years”.
At present, its cloud-based Software-as-a-Service (SaaS) accounting platform, operational since 2008, services mid-sized businesses in Ireland and the UK with automated accounting processes, multi-entity consolidation, financial reporting and analysis, and a comprehensive general ledger functionality, among other capabilities.
AccountsIQ predicts that its newfound pursuit of combining the platform with AI will “deliver even more value to its diverse customer base” and “shape the finance function of the future”.
On this, founder and CEO Tony Connolly claims AccountsIQ is “now poised to take the AccountsIQ product and service to the next level”.
“This investment comes at a perfect inflection point for our offering, to allow us to 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.”
Its latest raise builds on the €5.8M investment it received from Finch Capital in 2021.
