[Funding alert] Amsterdam-based DataSnipper Secures $100Million in Series B Round Funding

Friday 2, 2024 | By Startup Rise EU

Amsterdam-based DataSnipper secures $100million in series B round funding led by Index Ventures, at a valuation of $1 billion – solidifying the company’s mission to empower auditors with AI, after a record year of doubling its customer base and revenue.

Amsterdam-based DataSnipper secures $100million in series B round funding led by Index Ventures, at a valuation of $1 billion – solidifying the company’s mission to empower auditors with AI, after a record year of doubling its customer base and revenue.

The Series B follows an investment by Insight Partners in September 2022.
Audit is a bedrock of the global economy, powering growth by creating confidence in the truth of financial data worldwide.

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DataSnipper CEO Vidya Peters said,"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, DataSnipper lies at the intersection.’ Using DataSnipper’s tool, auditors can automate away up to 90% of menial tasks and boost business growth by cutting costs in half."

The new funding will help DataSnipper expand across new verticals including internal auditors, tax advisors, forensic accountants, and other sectors involving data reconciliation.

DataSnipper already counts Hilton, Siemens, Frontier Airlines and the Government of Queensland as customers in these segments, and the company is also expanding rapidly across the Asia-Pacific and Latin American markets.

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DataSnipper has recently released new product suites to better serve finance professionals across diverse sectors. Its Cloud Collaboration Suite allows for secure and seamless real-time coordination across distributed teams, while its AI Suite allows users to ask questions in natural language, and then automatically analyze and surface insights from any unstructured documents and data.

DataSnipper's AI-powered platform addresses the root causes of auditor burnout by bringing efficiency and delight to the process of audit. The platform embeds automation directly into Excel, eliminating crushing manual work by letting auditors simply ‘snip’ numbers from any file, such as an invoice, bank statement or inventory document. These ‘snips’ automatically reconcile against transactions, creating airtight audit trails with a click.

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CEO Vidya Peters said, "DataSnipper is on a mission to change the culture of audit and unlock auditors and finance professionals to do their best work – applying specialized skills rather than scouring files to verify data, Our customers tell us we’ve made their job fun for the first time. By automating repetitive tasks, DataSnipper redefines the ground-rules through technology. 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 said, "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,’ who led the round and will join the board. It’s not a technology in search of a use-case – it’s 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. By starting from auditors' Excel workflows rather than forcing them to migrate to a new platform, adoption is rapid and loyalty is fanatical. We’re thrilled to be backing Vidya and the whole team as they scale globally."

About DataSnipper

Data is here. Created every second. Faster and faster. To trust the data they are served, they need to validate what we observe. DataSnipper was brought to life by a conversation the founders had with auditors, who were overwhelmed by repetitive manual work.

Read also - Hamburg-based airfocus Secures $7.5Million in Funding

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