AI driven accounting automation
The company
Sid & Sugam - Co-Founders of Docyt built this platform to empower small & medium enterprise customers and get AI-driven, automated, real-time financial data and insights, without deploying expensive legacy enterprise software. They saw this pain point first hand when working as tech builders in a large ERP company. They saw that business accounting still operates in a static, linear fashion, rife with manual processes and piecemeal automation. As companies grow, they add pricey accounting solutions and it still takes 20-30 days to close their books. Docyt is an intelligent, real-time accounting platform that provides automation and continuous closing to small and medium enterprises.
Why we invested
• Thesis: Docyt is using AI driven automation, end-to-end, to target the large and underserved small-business & mid-market accounting automation market, which sits adjacent to even bigger opportunities.
• Strong team: Docyt’s experienced leadership team has extensive experience in finance and technology.
• Product: Docyt has an AI data extraction engine for reading bills & invoices, receipts, statements etc., 12K+ banks, 30+ PoS and 10K+ vendors integrated for payments & transactions that provide real time categorization, closing and reconciliation.
• Traction: Docyt’s grew its revenues 20% MoM on average for the entire year 2021 with minimal churn, and are on track for 8X revenue growth in the current year. Docyt has tremendous demand, with a growing waitlist of hundreds of businesses, and we are beating all manner of incumbents in every deal.
How First Rays team helped
“The secret to high growth startups is high speed investors. We were pleasantly surprised at the pace at which we were supported by First Rays. Every interaction with the team has been full of micro accelerators. Be it introductions to customers, expert guidance, GTM course corrections, or setting up ambitious milestones. That’s exactly what you need in your venture investors. Lucky to have First Rays as part of Docyt’s journey ” - Sid Saxena, CEO