Today, we’re excited to announce that we have closed a $15 million Series A funding round, accelerating our vision of modernizing the accounting and financial services industries. The round was co-led by Aleph and Third Point Ventures, with participation from existing investors Greycroft and experienced financial executives including Bob Mylod, Artie Minson, Jody Padar, and Guzel Lumpkin.
The Current Accounting Landscape
To date, the accounting and financial services industries are bound to outdated and analog processes of conducting business. They rely on manual data entry, static spreadsheets and PDFs, and workflows that are lacking in digitization and easy accessibility . These current practices make accountants and organizations susceptible to critical and costly errors which can result in incorrect reporting of finances and even foster conditions for fraudulent practices. All the while, consistently-evolving regulatory standards – including lease accounting standards – have added approximately $2 trillion of lease liability to S&P 500 balance sheets, adding more complexity and possibility for data inaccuracies in financial reporting. As regulatory standards continue to evolve, only more complexity will be added for accountants and finance professionals to navigate through.
Trullion’s Source-Based Accounting
Enter Trullion Our AI-powered platform extracts and streamlines data from source documents to various teams, while also automating workflows so that accountants can collaborate in real-time with auditors. This increased collaboration between professionals allows expanded visibility to essential documents, quick transfer of critical data, and a more streamlined and efficient workflow. With Trullion, accountants and auditors are working in a source-based accounting ecosystem, creating a single source of truth and providing novel levels of accuracy, transparency, and efficiency.
“Trullion is upending the traditional accounting paradigm, by breaking down data silos, and creating a single source of truth that saves teams time, and gives them new levels of accuracy in their financial data.” said Robert Schwartz, Managing Partners at Third Point Ventures.
We’ve taken our mission of creating more transparency in accounting and finance, a highly regulated industry with a variety of different standards spread internationally, and created a platform that speaks for itself.
Our customers are smaller pre-IPO startups to major Big Four and regional accounting firms. The value of our platform has been seen by accountants and finance executives on five continents as we support both U.S. Generally Accepted Accounting Standards (GAAP) and International Financial Reporting Standards (IFRS).
“We are excited that many regional accounting firms and Chief Accounting Officers are leaning into the future and driving a more transparent and actionaly financial ecosystem,” said Michael Eisneberg, General Partner at Aleph.
Where We Go From Here
With this latest round of funding, we’ll be able to scale our company by hiring across the organization in engineering, sales and marketing roles in both the U.S. and Israel. We’ll also be able to accelerate our product development, building upon our strong foundation of lease accounting software and providing customers with more products and services in the near future. Our current mission is to drive a more transparent accounting and financial ecosystem, and this funding allows us to set a higher standard for standards and bring trust back to the accounting and financial industries.
“Accounting errors due to incorrect data entry, omissions, and compliance oversights can cost organizations millions of dollars and harm their brand reputations, yet it’s still all too commonplace for manual, laborious practices to pervade”, said Isaac Heller our co-founder and CEO at Trullion. “This funding is a key milestone for Trullion as we continue to set the standards for the accounting and finance industry.”
Amir Boldo, CTO and co-founder of Trullion, added: “Our ecosystem is bound by legacy processes, including manual data entry, spreadsheets, and PDFs – which means that there is a high risk of critical and costly errors. Our platform solution combines a modern Saas product with machine learning and automation solutions for these processes. This is the future of accounting.”
As we embark on this journey moving forward from our Series A, we’re excited to continue finding truth in millions and expand our source-based accounting services for a more transparent world.