The software company Aiwyn Inc., which specializes in revenue management lifecycle automation, announced today that it has closed on $113 million in new funding.
Bessemer Venture Partners and the international investment firm KKR, which took part through its Next Generation Technology III Fund, led the deal. The business has funded a total of $127 million so far, making this round noteworthy.
With over 130 of the top 500 certified public accounting firms in the United States as clients, Aiwyn has become one of the top suppliers of accounting automation software. Its main technology, PracticeOS, is defined as a practice automation platform powered by artificial intelligence that assists accounting providers in streamlining their entire revenue management lifecycle procedures.
In addition to handling other crucial duties like balancing payments and bills for CPS and its end users, PracticeOS offers capabilities for automating manual payments and collections workstreams.
According to the startup, the average customer reports a 41% boost in overall collections and a 51% improvement in cash flow speed, demonstrating the significant impact of their software. Additionally, its customers claim that its Smart Statements feature helps them pay 69% of their invoices within seven days, and its automated reminders guarantee that 89% of invoices are paid within two weeks.
The largest distinction, according to Aiwyn, is that it assists accounting businesses in implementing high-tech systems, which has been a challenge for the sector. It cites a Rightsworks survey conducted earlier this year, which revealed that although 88% of businesses think technology improves their productivity, 60% experience disjointed systems, irregular procedures, and a lack of standardized workflows.
A second study that emphasizes the demand for the type of software the firm provides is cited. 93% of accountants think that businesses that use technology more are better positioned to withstand times of high inflation and interest rates, citing a survey conducted by competitor accounting software company QuickBooks Ltd.
According to Justin Adams, chairman and CEO of Aiwyn, the funds raised in today’s round will help the company realize its goal of transforming its tools for payments and collections into a more complete practice management platform. In order to accomplish this, it plans to develop what it considers to be the first client experience portal in the industry, allowing clients of CPA firms to view all of their engagements from a single interface.
The money will also assist Aiwyn in adding additional AI capabilities to its platform. “With this investment, we are poised to redefine how firms manage their operations from the CRM to the General Ledger while setting a new benchmark for client experiences,” Adams said.
According to Jackson Hart, a principal on KKR’s Technology Growth team, Aiwyn is in a good position to disrupt the accounting software market, which has long been dominated by legacy firms.“Aiwyn is solving a clear functionality gap in the market with a solution that is easily adopted and rapidly delivers tangible enhancements to the customer experience, most noticeably through significant reductions in days sales outstanding,” he said.