Amsterdam-based DataSnipper (website) has successfully secured a monumental €92 million in Series B funding. Spearheaded by Index Ventures and propelling the company to a stellar $1 billion valuation, this funding round marks a pivotal moment in DataSnipper‘s quest to revolutionize the auditing profession with advanced AI technology. This comes on the heels of a remarkable period of growth for the company, which has seen both its customer base and revenue double over the past year, further bolstered by a strategic investment from Insight Partners in September 2022.
Audit functions serve as the cornerstone of the global economy, instilling confidence in financial data and facilitating economic growth across the board. It’s a critical process that spans all sectors, ensuring the integrity of financial reporting worldwide. DataSnipper‘s CEO, Vidya Peters(LinkedIn), encapsulates the current climate by noting the exponential increase in data production and the corresponding need for its verification. DataSnipper, according to Peters, stands at the crux of this dynamic, offering auditors a powerful tool that can automate up to 90% of routine tasks and halve costs, thereby enhancing business expansion.
Since its inception in 2017, DataSnipper has consistently doubled its revenue year over year, now servicing over 400,000 auditors across 125 countries. The platform boasts a prestigious clientele, including top accounting firms like Deloitte, KPMG, EY, and PwC, primarily focusing on external audit. However, with the fresh influx of capital, DataSnipper is set to broaden its horizons, targeting internal auditors, tax advisors, forensic accountants, and professionals in other data-intensive sectors. The company already lists renowned entities such as Hilton, Siemens, Frontier Airlines, and the Government of Queensland among its expanding customer base, with significant growth trajectories in the Asia-Pacific and Latin American markets.
By integrating AI and automation directly into familiar tools like Excel, DataSnipper alleviates the manual burden on auditors. This allows for quick and accurate data reconciliation, transforming hours of work into seconds and reinvigorating the audit profession with efficiency and job satisfaction. The platform’s user-friendly approach has not only facilitated rapid adoption but also fostered a strong sense of loyalty among its users.
Index Ventures‘ partner, Hannah Seal, who will be joining DataSnipper‘s board following the funding round, highlights the company’s pivotal role in addressing the acute needs within the audit and finance sectors.
