Managing complex financial processes can be overwhelming, complex, and expensive for companies, often due to disjointed tools that create data silos and invite manual errors. Accounting teams find themselves reconciling discrepancies and ensuring compliance with changing regulations, wasting time and exposing businesses to fraud risks and inaccuracies. In addition, hundreds of thousands of revenue are lost as complex contracts are incorrectly entered into a company’s billing systems. All of this makes it challenging to maintain a clear view of financial health and seize growth opportunities.
AI tools are inherently well-positioned to solve and automate these types of problems and serve as the basis for building a deep and ingrained relationship with the CFO. We’re thrilled to lead the seed round for WiseLayer and its AI agents (including Angela for accruals and revenue recognition and Dennis for discrepancies and financial anomalies), who bring clarity and efficiency to this frantic landscape.
WiseLayer has developed a suite of specialized digital workers who tackle essential yet time-consuming financial and accounting tasks with unparalleled precision. By effortlessly integrating with existing CRM and ERP systems, WiseLayer equips businesses to identify and rectify discrepancies in real-time, automating processes that once required extensive manpower and were prone to myriad opportunities for human error. The capability to harmonize financial data from diverse sources leads to quicker resolutions, improved profitability, and boosted overall financial performance.
WiseLayer is a natural extension of Canaan’s investment in AI companies at the application layer and fits closely within our broader fintech framework. In fintech, we believe that novel AI tools need to solve a large pain point for a company and, in doing so, build a high trust and repeat relationship with a decision maker, in this case, the CFO. This deep, high-trust relationship drives retention and allows the company to earn the right to expand its offerings horizontally. We’ve seen this approach play out in other Canaan AI-based companies, notably in our seed investment in Fireflies.ai, which is now used across 500,000+ organizations.
WiseLayer is expertly designed for a world where financial complexity is all too familiar. By addressing these challenges with intelligence and precision, the company will empower businesses to move past the frustration of troubleshooting and redirect their focus toward growth and innovation.
We’re excited to partner with Josh, Vik, and the entire WiseLayer team as they work towards a new future for financial management. Welcome to Canaan!