Anduin earmarks $14M seed round for intelligent practice management

Anduin, a startup providing artificial intelligence-based accounts receivable software, has closed a $14 million seed round. The money is earmarked to introduce a new Predictive Insights solution and a new suite of Practice Management solutions.

Anduin’s end-to-end accounts receivable software, built on its Intelligence-Based Billing platform, made Accounting Today’s 2021 Top New Products listing. The software was released in December 2020, closing out a year where firms and organizations of all kinds desperately needed remote-enabled solutions and quicker access to cash.

The forthcoming solutions from Anduin are planned to address challenges in other areas of practice management. Predictive Insights is being developed to unify firms’ disparate systems and data to provide firm leaders with unprecedented, real-time visibility into firm-wide performance. Practice Management will constitute the accounting profession’s first cloud-based, mobile-enabled, open-architected, AI-powered, and modular suite of practice management solutions.

Both these solutions are being built on Anduin’s Intelligence-Based Billing platform as part of an ongoing, collaborative partnership with executives, technology leaders, and administrators at leading CPA firms, and will be released in stages beginning in 2022.

“When we started Anduin last year we invited accounting firm leaders to tell us their biggest problems so we could purpose-build solutions to solve them,” said Anduin CEO Justin Adams. The answer was clear — firms needed to speed up revenues, save partner time in the billing process, and further strengthen their financial footing. We built the Intelligence-Based Billing platform and our AR solutions in response, and the reception and ROI have been amazing. As accounting firms return to the office, those same firm leaders tell us they want similar future-forward solutions for all of their internal operations. With this next round of funding, we’ll partner with CPA firms and other industry tech leaders to introduce a new wave of AI-based practice management solutions and predictive insight tools.”

Leading this funding round was Revolution Ventures. Managing partner Tige Savage will join the company’s board, and vice president Graham Ober, will join as a board observer.

Next week, Anduin is sponsoring the American Institute of Certified Public Accountants (AICPA) Engage conference in Las Vegas from June 26-29, 2021. Cofounders and team members will be onsite at booth no. 534 to showcase solutions built on the Intelligence-Based Billing platform. The team will demo Anduin’s currently-available AR solutions, and will share a first glimpse of the forthcoming Predictive Insights and Practice Management solutions. More information is available on the Anduin website.