Cash intelligence startup Statement Ltd. said today it has closed on a $12 million seed funding round to coincide with the official launch of its liquidity management platform.
The round was led by Glilot Capital Partners and saw participation from Citi, Mensch Capital Partners, Titan Capital and Operator Partners.
Statement has built what it says is an artificial intelligence-powered platform that helps businesses gain better, real-time visibility into their financial data and a more complete picture of their financial health and available liquidity. Its software enables finance teams to optimize their available working capital by reducing manual workflows and providing them with more accurate cash-based data.
The startup’s platform is compatible with software from more than 3,000 banks and integrates with enterprise resource planning and accounting software such as NetSuite, Oracle Cloud and Microsoft Dynamics, payment platforms such as PayPal and Stripe, and regular productivity tools such as Google Sheets.
Statement co-founder and Chief Technology Officer Shahar Lahav (pictured, left) said the problem his company’s platform solves is that organizations have to deal with more financial data than ever before. These days, a company’s finances tend to be dispersed across a multitude of isolated financial systems. As a result, it’s difficult for chief financial officers to get a clear picture of their company’s health.
“Each bank and financial service provider has a unique system for accessing financial data, and these systems don’t talk with each other,” Lahav said. “Connecting these disparate platforms is a hard technological problem, which has stood in the way of efforts to modernize finance operations.”
According to Lahav, Statement’s platform is built atop of a robust, scalable and secure financial data lake infrastructure that’s able to connect and aggregate all of a company’s financial data, from multiple platforms, and do it in real time.
Using an AI-powered enrichment engine, Statement can automate transaction categorization, reducing the manual work involved in building reports. It features eight different AI models that act as “enrichers,” categorizing and adding context to raw transaction data. It also handles real-time cash flow, automates account receivables and even throws in forecasting, all accessible from within what’s promised to be an intuitive user interface.
“This infrastructure lays the foundation for real time reconciliation, rolling cash flow forecasting, and secure AI database queries,” Lahav said. “The result is a dramatic improvement in finance teams’ workflows and a fundamental shift in how organizations manage their finances.”
“We are helping companies cope with volatility, inflation, FX risks, and enabling them to generate meaningful yields,” said co-founder and Chief Executive Idan Vlodinger (right)
Statement reckons that dozens of enterprises are already using its platform to gain better visibility into their finances and forecast cash flow more reliably, including the photo editing app Mixtiles Ltd.
“By eliminating the need to navigate multiple banking portals, we now have instant access to our cash position in real-time,” said Mixtiles Senior Financial Controller Imri Tsidon. “This has been particularly beneficial for our B2C business, where we process thousands of transactions daily.”
Photo: Statement
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