Numra secures €1.5m from Elkstone to launch its artificial intelligence finance assistant.
The Irish artificial intelligence startup has raised €1.5m led by Elkstone to bring its finance assistant Mary to market.
≈ £1.3M at €1 = £0.8577 on 16 May 2024
Numra develops an artificial intelligence assistant designed to automate repetitive accounting tasks and streamline corporate finance operations.
Numra, an artificial intelligence startup formerly known as Autonifai, has secured €1.5m in funding led by Elkstone, alongside participation from several angel investors. The capital will support the market launch of the company artificial intelligence finance assistant, Mary, while also driving product development and customer acquisition efforts in the United States.
The company focuses on businesses with large internal finance teams that handle high transaction volumes, such as those in manufacturing and professional services. Its core product, Mary, integrates with common chat platforms and email to manage processes like invoice processing, reconciliations, and cost allocations, ultimately aiming to lift team productivity significantly.
From the founder
"With the advent of LLMs, what was once unimaginable is now possible. AI’s capability to ingest and process vast amounts of unstructured data enables us to redefine the boundaries of productivity in the finance department. By taking on tasks that were previously too complex to automate, Mary elevates the role of finance teams and empowers them to engage in higher-value activities that require strategic thinking and creativity."
David Kearney
Co-founder and CEO at Numra
Investor perspective
"Numra is the perfect example of how Irish innovators are leveraging artificial intelligence to address the current and future challenges in sectors such as finance. At Elkstone, we are proud to be a part of Numra’s journey from such an early stage, and to support them with the launch of their AI power accounts assistant,"
Niall McEvoy
Head of Venture, Elkstone
Use of funds
- 01Continue product development
- 02Expand into international markets