The funding will help the start-up to expand across sectors that require data reconciliation, as well as new markets in Asia-Pacific and Latin America.
A new unicorn is born in Europe as Amsterdam-based DataSnipper announced today (1 February) a raise of $100m in a Series B round led by Index Ventures.
Founded in 2017, DataSnipper has developed an AI platform for audit and finance professionals. Used by some big names including Deloitte, KPMG, EY and PwC, the company boasts a clientele of more than 400,000 auditors across 125 countries.
“Half the world is creating more data than ever before, half the world needs to verify it – that’s the premise of the entire economy,” said Vidya Peters, who took over as CEO last May. “DataSnipper lies at the intersection.”
The company claims that its tool can automate up to 90pc of “menial” tasks performed by auditors and boost business growth by cutting costs in half.
This latest funding values DataSnipper at $1bn and will help it expand across new verticals and sectors that require data reconciliation. The company also says it is expanding “rapidly” across the Asia-Pacific and Latin American markets.
“DataSnipper is on a mission to change the culture of audit and unlock auditors and finance professionals to do their best work – applying specialised skills rather than scouring files to verify data,” Peters went on.
“Audits can be done more quickly and to a higher quality, while challenger firms can take on more complex and strategic assignments. DataSnipper lets auditors focus their expertise on assessments of risk and strategy, and to play that essential advisory role that no algorithm can.”
Hannah Seal, partner at Index Ventures and soon to be on DataSnipper’s board, said the platform is not a technology “in search of a use-case” but a “profound unmet need” among auditors and finance teams.
“DataSnipper’s growth into new sectors comes directly from user demand, as professionals keep asking for the product once they experience how fast and delightful it is,” she said.