With more than $6.3 million in funding, Materia has emerged from stealth to introduce a generative artificial intelligence (AI) platform designed especially for public accounting companies.
According to a press release released by the company on Thursday, June 20, the platform’s goal is to give these businesses intelligent technology that will free up time they now spend on numerous low-value, tiresome, daily tasks.
The CEO and co-founder of Materia, Kevin Merlini, stated in the press release that the company was formed to meet this pressing demand for time-saving solutions that would also assist in handling the laborious and heavy lifting associated with daily workflows while maintaining a high standard of accuracy and security.
The press announcement states that the company’s technology compiles internal knowledge from businesses into a safe Knowledge Hub. Thus, it establishes a silo-bridging, structured corporate search layer.
According to the announcement, this hub is then used by the Materia AI Assistant and Document Analysis Workspace, which use the data to give trustworthy data based on proprietary knowledge and recognized accounting standards.
According to the announcement, the platform is made to be adopted in a matter of days, provides responsible AI that is supported by meticulous accuracy testing conducted by CPA subject matter experts, and provides a approach for organizations that require specific customisation or interfaces.
Natalie Sandman, a general partner at Spark Capital, which led the funding, stated in the statement that the company already works with prestigious national firms and that the feedback from these clients has been “overwhelmingly positive.”
According to Sandman, “We think Materia’s AI solution will revolutionize the accounting industry by expediting routine tasks for accounting professionals and enabling them to deliver higher-quality services to their clients more effectively.”
According to PYMNTS Intelligence, chief financial officers (CFOs) are using AI to increase a variety of organizational efficiencies. The requirement for lower-skill personnel has decreased, according to 63% of CFOs, and they now require more individuals with analytical skills, according to 58% of them.
This past March, AI company Fieldguide reported raising $30 million for their accounting sector product, marking another recent fundraising event in this space. CPAs can have more time to work on high-value tasks by using Fieldguide’s AI solution, which can automate workflows and streamline operations.