Wright has emerged from stealth to announce a $13 million funding round to expand its artificial intelligence (AI)-powered general ledger for multinational corporations.
With its automated ledger, Wright is “rethinking” the concept of enterprise resource planning (ERP) “from the ground up,” delivering a financial suite designed for today's multinational companies, the company said in a press release on Wednesday (June 12).
“By integrating a powerful application layer with our ledger, Light's goal is to help businesses understand their finances more accurately and quickly so they can grow faster, operate stronger, and be more resilient,” Light co-founder and CEO Jonathan Sanders said in the release.
According to the release, Wright's platform consolidates accounting, tax, payments and reporting across multiple countries and currencies, providing a general ledger through which all of a company's global transactions can be conducted.
The company's AI quickly and accurately cleans transaction data, ensures data is properly recorded on the ledger, and powers Slackbot, which answers both simple factual questions and strategic business inquiries, the release said.
With these capabilities, Light's platform aims to solve the challenges faced by multinational companies, including complex and fragmented reporting and governance requirements, different local accounting practices and month-end processing, according to the release.
Andreas Helbig, a partner at Atomico who led the funding round, said in a release that Lite offers an alternative to accounting solutions “that were basically developed in the '90s and left untouched ever since.”
“Not only has Wright created a fantastic and much-needed product, they have made fantastic progress in the early stages and are already working with multinational companies. [small- t0 medium-sized businesses] “We are really pleased that this company, which has operations across Europe and the US, has chosen to partner with us to accelerate its growth and capture underserved markets,” Helbig said.
In another recent product announcement aimed at multinational companies, Tassat Group and Glasstower Digital announced in May that they had partnered to facilitate cross-border digital B2B payments.
Announcing the new service, the companies said the partnership will leverage blockchain technology and money market funds to provide multinational corporate institutions with a secure, instant and cost-effective cross-border payment solution.
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