Lightspeed leads $23M investment in AI startup for accounting departments Stacks

Lightspeed Ventures has spearheaded a significant $23 million Series A funding round for Stacks, an innovative AI startup aiming to revolutionize enterprise accounting departments. This investment, which also saw participation from existing investors EQT Ventures, General Catalyst, and S16VC, brings Stacks' total funding to $35 million, following a $12 million seed round just twelve months prior. The substantial capital injection underscores growing confidence in Stacks' ability to address critical inefficiencies within corporate finance. Stacks, with its operational base in London and origins in Amsterdam, has developed an AI platform designed to unify fragmented financial data within large organizations. The company's technology tackles the pervasive issue of transaction data being dispersed across various systems like ERPs, spreadsheets, data lakes, and legacy platforms. Stacks offers a dedicated data layer that integrates directly with these disparate finance systems, creating a singular, consistent financial overview and facilitating advanced AI-driven automation. The implications of Stacks' platform are far-reaching for enterprise finance teams, promising to alleviate the burden of manual data consolidation and analysis. By leveraging machine learning and intelligent agents, Stacks automates complex workflows across the finance stack, enhancing efficiency and accuracy for its 30 clients, which include notable companies like Future and Epidemic Sound. This advancement is particularly timely as businesses increasingly seek to leverage AI for strategic financial management, positioning Stacks to become a key player in the digital transformation of the Chief Financial Officer's office.