Stacks Raises $23M for AI Accounting
Stacks, a startup developing agentic finance automation tools, has raised $23 million in a Series A funding round. The company's AI-powered software targets the automation of accounting workflows, such as the "month-end close" process, aiming to replace manual spreadsheet work in corporate finance.
- The Series A funding was led by Lightspeed, with previous investors EQT Ventures, General Catalyst, and S16VC also participating, bringing the company's total funding to $35 million. - Stacks' founder and CEO, Albert Malikov, previously led product teams at Uber and Plaid, where he focused on scaling Plaid's business in Europe. - The company's platform is built on what it calls "agentic AI," which learns from the actions of accountants to automate workflows, rather than relying on rigid, rule-based systems. - Stacks has developed a data layer that connects with a company's various financial systems, such as ERPs and spreadsheets, to create a single, unified view of financial data. - Since launching from stealth less than a year ago, the company has acquired over 30 enterprise clients, including Cleo and Epidemic Sound, saving their finance teams a reported 100,000 hours annually. - Stacks is expanding its product line with a new reporting and analysis suite called "AI Flux Analysis," designed to automate variance analysis and generate financial explanations. - The AI in accounting market is projected to grow to over $96 billion by 2033, with North America currently holding the largest market share. - New York City, a major hub for applied AI, accounted for 14% of all U.S. Seed and Series A fundraising for AI startups in 2024, with a high demand for machine learning engineers and AI product managers.
