Digits 65m series suissekhatritheblock
Artificial Intelligence-based platform Digits is a major player in finance and accounting. The start-up has recently raised $65 Million in a series C funding round. Investors in the deal include the Subsidiary company of Softbank Group i.e., Softbank Vision fund, GV, Benchmark, and 20VC growth. The overall funding raised to date has reached $97.5 Million with this latest one while making its valuation $565 Million. It will be also launching its first product known as “Digits Reports” with this funding. as per Digits 65m series suissekhatritheblock
Digits is an accounting tool that uses Artificial Intelligence for various financial and transactional uses of its customers. The start-up was co-founded in 2018 by Wayne Chang and Jeff Seibert with the vision to ease the accounting process using AI. The start-up’s headquarters are located in San Francisco, United States. It provides solutions for diluting queries of customers regarding financing and answers them using an AI-based system, saving a lot of time. It has products for numerous processes to automate the same such as Report builder, through which AI can be used to generate and build a financial report, and Automatically error detector which again saves a lot of time previously used. Other products include its “hover to Discover “ platform which makes tough reports easy to understand. The application also allows customers to search for any finance-related question and AI will quickly answer them, to clarify the queries. The customers can get the plans according to the pricing plan given on the application and it also has a facility of providing free services to the customers for their first 5 clients. Talking about the product “Digits Reports”, is a kind of financial report based on Ai with lots of features such as one-click sharing, highly exploring content, and quick answers to questions asked while saving resources as well.
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CEO Wayne Chang said on this new funding that currently they are only connected with a few consumers to make their working technologies and process, methodologies thoroughly understandable to them and they are planning to expand their user base so that their products can reach and assist more users. He also said that Digits is working on a similar approach and methodology as their previous start-up, Crashlytics but not fully. Crashlytics is currently owned by Google.
Moving ahead to their plan regarding funding, the start-up is planning to widen its operations to serve more users and make such financial services automated with AI. The company has not revealed much about its plan but they pointed out that not only limited to past transactions and finances, the successive step here is also to use a real-time analytics system for financial reports and use their model called “Living Model” with that. Living Model means an overview of the operations(economic) of the AI-based start-up. From expanding its market to upgrading the previous solutions, the start-up is all set to upgrade the efficiency and value of its products. The CEO also told about the other applications of the Living model. Jeff Seibert, co-founder expressed his views on the power of digits that they have invested their last three years for the sake of technologies for understanding real-time finance for the transactions. He also talked about the technology stack used by the company for the same.
A major investor in this deal is Softbank Vision Fund, a SoftBank group’s subsidiary headquartered in London, England. It is a venture capital-based investment organization founded in 2017. Softbank Vision fund’s investor Eylul Kayin said that Digits is very useful for them and he felt it very occasionally being one of their portfolio companies beneficial for others. Other investors include GV i.e., Google Ventures, an investment firm founded in 2009 and is owned by Alphabet Inc. It was founded by Bill Maris. per Digits 65m series suissekhatritheblock
20VC(Twenty minutes VC) growth is an investment start-up founded by Harry Stebbings. The firm chiefly deals in Venture capital funding. Benchmark Capital is also an investment company in San Francisco, United States of America. Benchmark Capital’s headquarters are established in California, USA.
Other funding rounds raised by Digits are:-
- Series A funding round for the capital of $10.5 Million, raised on 6 November 2019 with the prime investor as Benchmark Capital.
- On 24 April 2020, Google Ventures and Benchmark Capital combined invested in Digits with an investment of $22 Million in a series B funding round.
These two funding rounds along with the recently raised $65 Million have constituted the overall investment received by Digits to date. as per Digits 65m series suissekhatritheblock
Digits are making useful and efficient trends in traditional financing reports along with its other services with the usage of technologies such as Machine learning and Artificial Intelligence. With the funding round of $65 Million, the company has some great plans to expand and evolve.