Artificial intelligence (AI) startup DualEntry has announced the successful completion of a $90 million Series A funding round, led by Lightspeed Venture Partners and Khosla Ventures. The company, which is based in New York and launched just a year ago, has been valued at $415 million following the investment. GV (Google Ventures) also participated in the round, signaling strong interest from major investors.
The funding is aimed at helping DualEntry expand its workforce, accelerate product development, and explore international markets. The company has identified enterprise resource planning (ERP) software as its primary focus, targeting a $500 billion market that has seen little innovation in recent years.
Streamlining ERP Migration with AI
DualEntry aims to disrupt a market traditionally dominated by established players like Oracle‘s NetSuite, Sage, and Acumatica. These legacy systems, according to the company, are often expensive, reliant on outdated technology, and require lengthy, costly migration processes that can lock customers into a platform.
The startup’s flagship product is an AI-native platform designed to automate financial workflows while drastically simplifying the migration process. Its standout feature, called "NextDay Migration", claims to transfer a business’s historical financial data to DualEntry’s platform within just 24 hours. By contrast, traditional ERP migrations typically take months and involve significant consulting fees.
CEO Santiago Nestares explained that his own challenges with ERP migration at a previous job inspired the development of DualEntry’s solution. "The ‘clunky’ process", he said, "inspired him to build a platform that could get businesses ‘live in 24 hours.’"
Mid-Market Firms in Focus
DualEntry’s go-to-market strategy is centered on mid-market businesses – organizations that have outgrown entry-level accounting software like QuickBooks but are hesitant to commit to large-scale ERP migrations. The company has already secured customers ranging from startups to a publicly listed firm, underscoring the demand for a faster, more cost-effective approach to ERP solutions.
Investors Bet on AI in the ERP Space
The funding round highlights growing investor enthusiasm for AI-driven enterprise software. Ravi Mhatre, a partner at Lightspeed Venture Partners, noted that DualEntry’s use of AI could fundamentally change the ERP migration process. "It takes understanding of what this complex process of migration is and training AI technology to essentially act as the data consultants that would perform the migration to drastically accelerate the process", he said.
The push toward automation in the ERP sector also comes amidst a predicted talent shortage in the accounting industry, further amplifying the role of AI in addressing operational bottlenecks.
Looking Ahead
With approximately 40 employees at present, DualEntry plans to use its newly secured funding to scale up its team and refine its product offerings. By leveraging AI to address inefficiencies in ERP systems, the company seeks to carve out a niche in a market poised for disruption. The combination of rapid implementation, cost savings, and innovative technology positions DualEntry as a compelling alternative to traditional ERP providers.
Investors and industry watchers alike will be monitoring the company’s progress as it works to redefine ERP migration and establish a foothold in the competitive enterprise software landscape.
