Amsterdam-based DataSnipper, an intelligent audit automation platform for finance and auditing, has raised $100M in a Series B fundraising round. The company has achieved unicorn status with this financing.
The VC firm Index Ventures led the round, which was valued at $1 billion for the company.
This change occurred after DataSnipper declared that it had doubled its revenue and customer base in just a single year. The investment comes after Insight Partners’ September 2022 fundraising round.
Hannah Seal, a partner at Index Ventures who led the investment and will join the board, states:
“DataSnipper lies at the intersection of macro trends shaping audit – ballooning regulation, talent churn, and pent-up pressure for challenger firms beyond the Big Four.”
Hannah further added:
“It’s not a technology looking for a use case; rather, auditors and finance teams have a significant unmet demand for it. DataSnipper’s expansion into new industries is a direct result of user demand since experts are always requesting the product after they see how quick and enjoyable it is. Adoption is quick and loyalty is fervent since the auditors’ Excel procedures are the starting point, and they are not forced to switch to a new platform. We are excited to support Vidya and the entire team as they expand internationally.”
Revolutionary Intelligent Audit Automation Platform
DataSnipper offers an intelligent automation platform to solve the labor-intensive nature of auditing. Moreover, it attempts to increase auditor productivity by automating monotonous duties, freeing them up to concentrate on more intricate and important areas of their profession.
According to the startup, their technology lowers the possibility of errors while simultaneously increasing efficiency.
Vidya Peters, CEO of DataSnipper states:
“Half the world is creating more data than ever before, and half the world needs to verify it – that’s the premise of the entire economy. DataSnipper is located at the crossroads. Auditors can increase business growth by halving costs and automating up to 90% of menial tasks with DataSnipper’s tool.”
Optimal Capital Deployment
Six years after its founding, DataSnipper claims to have doubled its revenue yearly. It started focusing on external audits and has over 400,000 users in 125 countries, including companies like Ernst & Young and Deloitte.
DataSnipper hopes to grow into internal audit, tax advising, forensic accounting, and other industries with the current funding.
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The company claims to be expanding in the Asia-Pacific and Latin American sectors, and its clientele includes Hilton, Siemens, and Frontier Airlines.
DataSnipper’s Latest Product Lineup
DataSnipper has introduced new product suites designed for professionals in the finance industry. Though the AI Suite lets users ask queries in plain language and automates analysis and insights extraction from unstructured data, the Cloud Collaboration Suite facilitates safe real-time collaboration among dispersed teams.
The AI tool from DataSnipper prevents auditor burnout by automating tedious processes like balancing data from Excel files.
With the use of this technology, auditors may “snip” and reconcile data fast, saving hours of work. By relieving auditors of tiresome work and allowing them to concentrate on developing strategic insights and collaborating with others, this method seeks to revitalize the profession.
Vidya further stated:
“DataSnipper’s objective is to alter the audit culture and unlock auditors to do their best work—applying specialized skills instead of searching through files to validate data. Our clients tell us that we’ve finally made their jobs enjoyable. Using technology, DataSnipper redefines the rules by automating repetitive operations. While competitor firms can take on more complicated and strategic tasks, audits can be completed more swiftly and to a higher standard. With DataSnipper, auditors can concentrate their skills on risk and strategy assessments and fulfill the crucial advisory role that no algorithm can.”
