Audit Sight, an Atlanta audit software startup founded by accounting veterans, has raised a $2.5 million seed round to launch its product.
Why it matters: Audit Sight is another financial technology startup coming out of Atlanta, a global capital for fintech. Its launch shows how industry experts can turn to technology to create niche innovations. The $2.5 million raise also reflects the health of the tech ecosystem. Atlanta startups are raising record amounts of venture capital, and the value of early stage rounds is growing nationwide, according to Crunchbase.
Inside the deal: The round was led by Chicago-based Hyde Park Venture Partners, with participation from Alumni Ventures Group and the following individual investors: Greenlight CEO Johnson Cook; Sprout Social co-founder Aaron Rankin; and Guidewire Software co-founders John Seybold and Ken Branson.
About the company: CEO T.C. Whittaker and Chief Operating Officer Jonathan Womack founded Audit Sight in August. The two accounting veterans worked at PricewaterhouseCoopers, one of the “Big Four” accounting firms. The startup uses software that can access a client’s financial records so auditors don’t have to manually ask for each document. Audit Sight also automates the audit tests to save auditors time on keying in data, allowing 100% of the transactions to be audited. The team works remotely and goes to Atlanta Tech Village for meetings.
What’s next: Audit Sight hired Eric Kingery as its chief technology officer and Attila Domokos as its executive vice president of engineering. The team plans to release the first two software modules by the end of the year, before the busy season for accountants.
