DataSnipper Raises US$100m in Funding at US$1bn Valuation
DataSnipper, the leading intelligent automation platform, has raised US$100m in Series B funding at a valuation of US$1bn.
The round was led by Index Ventures and comes after a breakout year for DataSnipper which has seen it more than double its revenue and customer base.
This latest funding helps DataSnipper on its mission to empower auditors with AI globally.
DataSnipper: Powering audit and data reconciliation
Indeed, audit and data reconciliation is one of the key, not often discussed, drivers of the global economy.
Auditors play a crucial role in powering growth by establishing confidence and trust in financial data worldwide. Historically, the role of auditors is labour-intensive, with manual, repetitive tasks a part of the job description.
But, by leveraging DataSnipper’s AI-powered automation platform, auditors can now automate tedious tasks, improving efficiency and freeing up that all-important commodity – time – to undertake more value-added work.
Of course, auditing is a universal workflow that touches all industries, so DataSnipper’s automation platform has the potential to improve all facets of the global economy.
The tech firm’s customer base has been growing at a marked pace, and it now serves auditors for the global ‘big four’ consultancy firms – Deloitte, KPMG, PwC and EY.
In fact, DataSnipper’s platform is leveraged by over 400,000 auditors across 125 countries, quite the feat for a company founded just over six years ago.
DataSnipper CEO Vidya Peters says: “Half the world is creating more data than ever before, half the world needs to verify it – that's the premise of the entire economy. DataSnipper lies at the intersection.”
Expanding auditing reach
At present, DataSnipper’s core market is external audit – firms that check company accounts – but with its new funding in the bag it hopes to expand across auditing verticals to serve more internal auditors, tax advisors and forensic accountants.
Not that DataSnipper isn’t already well-established in the internal auditing space, it counts Hilton, Siemens, Frontier Airlines and the Government of Queensland among its client base too.
Indeed, integral to DataSnipper’s expansion plans is spreading into new markets, with the Asia-Pacific and LatAm key regions it hopes its funding can fuel growth in.
Peters adds: “DataSnipper is on a mission to change the culture of audit and unlock auditors and finance professionals to do their best work – applying specialised skills rather than scouring files to verify data.
“Our customers tell us we’ve made their job fun for the first time. By automating repetitive tasks, DataSnipper redefines the ground rules through technology. Audits can be done more quickly and to a higher quality, while challenger firms can take on more complex and strategic assignments.
“DataSnipper lets auditors focus their expertise on assessments of risk and strategy, and play that essential advisory role that no algorithm can.”
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