Docyt, a Santa Clara, CA-based accounting automation software platform for small-and-medium-sized businesses, raised $11.5m in Series A funding.
Lobby Capital was the lead investor, with participation from First Rays Venture Partners as well as Morado Ventures.
The company plans to use the funds for talent acquisition and to increase customer acquisition.
Led by Sidharth Saxena, co-founder and CEO, Docyt charges accounting ledgers, like QuickBooks®, by using machine learning to intelligently automate financial data collection, digitization, categorization and reconciliation. By replacing multiple incomes, spend management, document collection, and collaboration tools – which don’t communicate with each other – Docyt creates a single cloud-based accounting workflow solution, which allows small-and-medium-sized businesses to streamline their financial operations into one transparent workflow.
By connecting bank accounts and scanning or emailing receipts, bills and revenue statements, Docyt’s machine learning will extract data to power workflows, categorize and reconcile bank and credit card transactions with uploaded documents and sync everything into the accounting ledger.