Funding of $20 Million Secured for Artificial Intelligence-Powered Enterprise Resource Planning System in Series A Round

In the rapidly evolving landscape of finance, a new player is making waves. Nominal, an AI-native platform designed to automate complex finance tasks, has recently secured $20 million in Series A funding.

The funding round was led by Next47, with participation from Workday Ventures, Bling Capital, and Hyperwise Ventures. This brings Nominal's total funding to $30 million.

Founded by AI entrepreneurs Guy Leibovitz (CEO) and Golan Kopichinsky (CTO), Nominal offers a solution that goes beyond traditional systems. Unlike these systems, which primarily manage work, Nominal performs it.

Matthew Cowan, General Partner at Next47, believes that Nominal brings modern capabilities to finance teams without forcing trade-offs. "Nominal is revolutionising the way finance teams operate, bringing automation and efficiency to complex tasks," he said.

Financial operations are crucial for mid-market and enterprise companies. With a reported shortage of over 300,000 certified public accountants (CPAs) in the U.S. workforce, the need for automation is more pressing than ever.

Nominal's platform aims to address this need, streamlining manual accounting tasks into automated workflows. It offers a seamless integration platform suitable for various industries, and its "shadow general ledger" works alongside existing ERPs, automating functions like transaction matching, reconciliations, and multi-entity consolidation.

No lengthy migrations are required for the implementation of Nominal's platform. Already deployed with dozens of enterprise and mid-market customers, including Jiffy Lube, it promises to accelerate the month-end close and reduce errors, allowing finance professionals to focus on strategic decision-making.

The ERP market underwent a major shift 25 years ago with the move to the cloud. Now, in the AI era, Nominal is transforming operations across the board. Agentic AI automation is no longer optional but a necessity due to the CPA shortage.

While there are no publicly available details about the specific key customers of Nominal or about the companies in the mid-market and large enterprise sectors where it is deployed, the startup's success is evident in its rapid growth and significant funding.

As Nominal continues to expand, it promises to revolutionise the finance industry, making complex tasks manageable and freeing up professionals to focus on strategic decision-making. The future of finance, it seems, is AI-powered.

Funding of $20 Million Secured for Artificial Intelligence-Powered Enterprise Resource Planning System in Series A Round