Docyt, a startup that offers an AI-powered accounting automation platform for small and medium-sized businesses (SMBs), today announced that it has raised an $11.5 million Series A funding round led by Lobby Capital, with participation from First Rays Venture Partners, which led the company’s 2021 $1.5 million seed extension round, and Morado Ventures.
The idea behind Docyt, which started out as a secure document sharing platform, is to make it easier for SMBs to manage routine accounting tasks like collecting data, digitizing receipts, categorization and reconciliation. It’s basically an end-to-end platform for accounting workflows that automates the financial and accounting back office. Users simply connect their bank accounts and then scan or email their receipts, bills and revenue statements for Docyt’s AI engine to extract this data and then reconcile it with …
