Self-described artificial intelligence-powered workspace Stacks has stated that it has become richer by $10 million.
The mentioned company was founded by Uber and Plaid veteran Albert Malikov. On Wednesday, February 19, this firm announced that it raised $3 million in a pre-seed round led by EQT Ventures, followed by a seed round during which Stacks received $7 million. The second round of financing was led by General Catalyst.
The company stated that the obtained funding will help it to advance efforts to let financial teams and artificial intelligence agents work together to close books faster, and eventually with just one click.
In a press release published by Stacks, it was noted that every business is familiar with crunches at the end of the month. In this case, it implies the difficulties encountered during the closing of books, which is often a tedious and resource-intensive process.
It was also noted in the press release that despite the many tools available for use, companies often continue to rely on archaic software systems as the main means of record-keeping, which are not fully integrated with each other. As part of the corresponding large-scale practice, data is fragmented, the amount of manual labor increases, and the risk of errors grows.
Albert Malikov stated that he witnessed how much time financial teams spend on unnecessary manual tasks. A decade ago at Uber, Mr. Malikov added that the company was developing data-driven tools to make finance into a real strategic partner, rather than a back-office function. According to him, at present, the corresponding need is finally hitting the mainstream. In this context, he noted that financial leaders around the world realize that they must go beyond simply closing the books and start driving strategy and innovation. Albert Malikov also said that Stacks is making efforts to make this happen.
Mr. Malikov stated that the company’s vision is to simplify the month-end close into a single click, freeing up teams to find new streams of revenue, optimize cash flows, and shape the future of the firm. He noted that workflows powered by artificial intelligence eliminate tedious tasks, allowing specialists to focus on the bigger picture.
Recently, machine intelligence has gradually become a large-scale driving force in the enhancement of business processes. Experts and analysts are increasingly talking about this.
Currently, there is a growing number of companies that rely on artificial intelligence to automate repetitive tasks and more complex processes, including, for example, compliance monitoring, fraud detection, and supply chain optimization. In this case, tactics such as marrying robotic process automation with machine intelligence are used to streamline workflows.
The timing is crucial. The back office has been overlooked for a long time as part of discussions about innovation, its transformation is no longer optional.
In the context of the current state of affairs, characterized by increasing uncertainty, regulatory complexities, and competitive pressures, companies are showing interest in finding ways to streamline their operations, improve decision-making, and unlock efficiency. The back office is ready for its glow-up, and in this case, the appropriate, responsible, and effective use of artificial intelligence can be the way to implement the relevant intentions. So far, there is no clear answer to the question of to what extent AI will contribute to breakthroughs in industries, eliminating the need for companies to perform routine, monotonous tasks.
As we have reported earlier, Sardine Raises $70 Million.
