Aiwyn Secures $14MM in Seed Funding from Revolution Ventures to Transform Practice Management for Accounting Firms
Company will expand its award-winning AI-powered Intelligence-Based BillingTM platform to introduce a new Predictive Insights solution and a new suite of Practice Management solutions
(A note from our CEO here.)
Charlotte, NC – July 22, 2021 – Aiwyn, an AI company helping accounting firms and other professional services firms modernize their invoicing and billing, today announces a $14MM Seed Round led by Revolution Ventures. With this new funding, the company will expand its award-winning Intelligence-Based BillingTM platform to introduce a new Predictive Insights solution and a new suite of Practice Management solutions. Relevance Ventures and Merian Ventures also participated in the round.
Professional services firms face a long-standing, fundamental practice management challenge: outdated, disconnected systems often force high-value, licensed professionals to spend time manually executing day-to-day back-office tasks which can lead to suboptimal productivity, lost or delayed revenues, and frustrated clients. Aiwyn solves this challenge with targeted solutions built on its Intelligence-Based Billing™ platform.
In December 2020,Aiwyn launched the accounting profession’s first end-to-end accounts receivable (AR) solutions built on its Intelligence-Based Billing™ platform. Voted “Top New Product” by Accounting Today, Aiwyn’s Payments, Collections, and Invoicing solutions streamline the work-to-cash cycle and deliver substantial ROI for leading firms (ex: Windham Brannon and BGW CPA).
With expertise and a proven track record solving AR challenges, Aiwyn’s forthcoming solutions will address challenges in other areas of practice management.Aiwyn Predictive Insights will unify firms’ disparate systems and data to provide firm leaders with unprecedented, real-time visibility into firm-wide performance. Aiwyn Practice Management will constitute the accounting profession’s first cloud-based, mobile-enabled, open-architected, AI-powered, and modular suite of practice management solutions. These solutions are being built on Aiwyn’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 Aiwyn last year we invited accounting firm leaders to tell us their biggest problems so we could purpose-build solutions to solve them. 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,” says Aiwyn chief executive officer Justin Adams.
“For too long, accounting firms have been beholden to practice management systems using past generations of technologies. Executives, partners, and administrators want frictionless workflows with modern designs. They want to easily access their practice management data and integrate with third-party tools. They want dynamic reports with real-time insights. We are thrilled to be partnering with innovative CPA firms and applying our patent-pending AI technologies to liberate and empower their people, drive revenue growth, and delight clients,” says Aiwyn chief product officer Ellen Choi.
“Professional service sectors, such as accounting, need a modern payments architecture. With its AI-driven platform, Aiwyn is optimizing invoicing and collections. The company is empowering accounting firms to break away from clunky legacy systems, homegrown options, and manual and offline efforts. Early adopters have reported a dramatic increase in online payments and a significant decrease in partner time spent on the monthly chore of billing,” says Revolution Ventures managing partner Tige Savage. Savage will join the company’s board and Graham Ober, vice president at Revolution Ventures, will join as a board observer.
Next week, Aiwyn 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 #534 to showcase solutions built on the Intelligence-Based Billing™ platform—the team will demo Aiwyn’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 Aiwyn website.
Aiwyn helps top-ranked professional services firms revolutionize their work-to-cash cycle, resulting in faster cash flow firm-wide, more productive and fulfilled professionals, and a superior client experience. With Aiwyn's Intelligence-Based Billing™ (IBB) platform, high-value firm executives, partners, and staff are liberated to deliver more value to clients and work at the highest end of their professional expertise. Aiwyn offers a suite of solutions built on the IBB platform that speed up the client payment cycle and provide firm leaders with predictive insights to drive smarter strategic growth decisions. Benefits of Aiwyn to accounting and law firms firms: partners can save time, bill faster, and shed administrative headaches; finance leaders can reduce days-in-WIP and days-in-AR, speed up client payments, and smooth out cash flow; executives can better protect financial health with predictive insights and controls, and improve their firm reputation by offering best-in-class experiences to clients.
Revolution Ventures is Revolution’s institutionally-backed early stage fund investing in companies around the country that are attacking large, multi-billion dollar categories. Co-founder Steve Case and Investment Partners Tige Savage, David Golden, and Clara Sieg work with companies that meet their disciplined criteria and form true partnerships with founders to help them build market-leading businesses. Revolution Ventures is headquartered in Washington, D.C. and part of Revolution’s family of funds including Revolution Growth and the Rise of the Rest Seed Funds. Visit us online at revolution.com/ventures or @Revolution.