Modus secures $85m to advance AI-driven audit platform

AI-focused audit exertion institution Modus has raised $85m successful Seed and Series A rounds to expedite the improvement of its platform.

The backing was led by Lightspeed Venture Partners, with Comma Capital and Garry Tan besides participating.

Modus was founded past year. Its squad includes erstwhile employees of AWS, Bridgewater, Citadel, Palantir, Ramp and Thoma Bravo.

The company’s exertion is designed to assistance accounting practices transportation retired “complex audits”. The level besides enables auditors to automate manual procedures, amended hazard appraisal and walk much clip connected judgment-driven work.

The institution plans to usage the caller superior to expedite exertion development, broaden its audit-focused merchandise suite and proceed backing accounting practices that align with its semipermanent strategy.

Modus co-founder and CEO Arush Jain said: “Audits service arsenic the cornerstone for spot successful our superior markets, yet the underlying tools and workflows person not meaningfully changed successful decades.

“This backing allows america to put aggressively successful AI-enabled audit tooling portion partnering with exceptional firms that privation to pb the assemblage forward, without sacrificing prime oregon culture.”

Commenting connected the investment, Lightspeed spouse Justin Overdorff said: “Public accounting has been historically underserved by technology. Modus intends to thrust the manufacture guardant with thoughtful merchandise doctrine and a partnership-first attack that earns the spot of each steadfast they put in.

“The Modus squad has driven highly effectual automation successful cardinal audit workflows and meaningfully accrued efficiencies for firms performing audits, and we are excited to spouse with them successful gathering the world’s archetypal AI autochthonal audit exertion for accounting firms.”

"Modus secures $85m to beforehand AI-driven audit platform" was primitively created and published by International Accounting Bulletin, a GlobalData owned brand.

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