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[Funding News] NYC-based Materia Raises $6.3M Funding

Materia has secured $6.3 million in funding round led by Spark Capital with participation from Haystack Ventures (invested in Canvas Medical), Thomson Reuters Ventures, Exponential Founders Capital, and the Allen Institute for AI.

Read also – [Funding News] FairNow Raises $3.5M Seed Funding

Materia offer a dynamic ChatGPT-style application enriched with authoritative accounting insights. It responds to complex queries precisely, cites relevant sources, and integrates this knowledge into accounting practices.

Read also – [Funding News] FL-based Humata Health Raises $25M Funding

“Accounting firms across the US are struggling with teams wasting valuable hours on low-value, tedious tasks that can be shifted to AI-powered workflows, freeing up accounting and auditing teams to focus on the highest-risk elements of an audit,” said Kevin Merlini, CEO and co-founder at Materia. “We founded Materia to address this critical need, saving time and helping pick up the heavy lifting and tedious tasks in day-to-day workflows while keeping security and accuracy central to our product design.”

“We believe that Materia’s AI solution will transform the accounting industry, speeding up accounting professionals’ routine tasks and empowering them to provide higher quality services, more efficiently to their clients,” said Natalie Sandman, a General Partner at Spark Capital. “All of us at Spark are thrilled to partner with Kevin, Lucas, and the entire Materia team, who bring deep expertise in accounting and AI. The feedback from customers has been overwhelmingly positive and we can’t wait to watch Materia become the de facto AI solution for public accounting firms.”

About Materia

Materia is the first comprehensive generative AI platform for public accounting firms. Materia helps firms increase efficiency, improve quality, and supercharge staff productivity across all levels. Materia’s mission is to improve the lives of public accounting professionals by augmenting & automating time consuming work.

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