Amsterdam-based DataSnipper, an intelligent automation platform for audit and finance, has raised $100M (approximately €92.53M) in a Series B round of funding. With this round, the company has earned the status of a unicorn.
The investment was led by London-based venture capital firm Index Ventures, valuing the company at $1B.
This development comes after DataSnipper claims to have doubled its customer base and revenue in a year. The investment follows a previous funding round by Insight Partners in September 2022.
“DataSnipper lies at the intersection of macro trends shaping audit – ballooning regulation, talent churn and pent-up pressure for challenger firms beyond the Big Four,” says Hannah Seal, partner at Index Ventures who led the round and will join the board.
“It’s not a technology in search of a use-case – it’s a profound unmet need among auditors and finance teams. DataSnipper’s growth into new sectors comes directly from user demand, as professionals keep asking for the product once they experience how fast and delightful it is.”
“By starting from auditors’ Excel workflows rather than forcing them to migrate to a new platform, adoption is rapid and loyalty is fanatical. We’re thrilled to be backing Vidya and the whole team as they scale globally.”
An intelligent audit platform
DataSnipper addresses the labour-intensive nature of auditing by providing an intelligent automation platform. By automating repetitive tasks, it aims to boost productivity for auditors, allowing them to focus on more complex and valuable aspects of their work.
The company claims that its technology not only enhances efficiency but also reduces the risk of errors.
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.”
“Using DataSnipper’s tool, auditors can automate away up to 90 per cent of menial tasks and boost business growth by cutting costs in half.”
Capital utilisation
DataSnipper, founded six years ago, claims to have doubled revenue annually. With over 400,000 users across 125 countries, including firms like Deloitte and Ernst & Young, it initially focused on external audit.
Now, with recent funding, DataSnipper aims to expand into internal audit, tax advisory, forensic accounting, and other sectors.
Clients include Hilton, Siemens, and Frontier Airlines, and the company says it is growing in the Asia-Pacific and Latin American markets.
DataSnipper launches new products
DataSnipper has launched new product suites catering to finance professionals. The Cloud Collaboration Suite enables secure real-time coordination among distributed teams, while the AI Suite allows users to ask questions in natural language, automating analysis and insights extraction from unstructured data.
DataSnipper’s AI platform combats auditor burnout by automating manual tasks, such as reconciling numbers from files in Excel.
The tool allows auditors to quickly ‘snip’ and reconcile data, turning hours of work into seconds. This approach aims to reinvigorate the profession by freeing auditors from tedious tasks, letting them focus on strategic insights and fostering collaboration.
CEO Vidya Peters says, “DataSnipper is on a mission to change the culture of audit and unlock auditors 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 to play that essential advisory role that no algorithm can.”
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