The Seattle-based company will use the funding to expand its growing engineering team and bring to market its enterprise-scale Machine Learning - powered account reconciliation matching engine.
SEATTLE, January 23, 2019 - Sigma IQ Inc., whose software-as-a-service (SaaS) product enables companies to automate their financial account reconciliations process, announced today it has raised a $3.5 million seed round. The oversubscribed round was led by Vulcan Capital and included participation by PSL Ventures, Barton Ventures, Keeler Investments Group, Family Angel Management Fund, Falcon Partners, Clear Fir Partners, and several leading fintech angel investors.
“Every company on the planet is required to undertake account reconciliations, and every enterprise CFO will tell you that it is one of the most painful, expensive, and non-value add processes they own.” said Glenn Wisegarver, CEO and founder of Sigma IQ. “Using machine learning, Sigma IQ radically transforms this experience, making an otherwise highly manual process magically automated.”
Sigma IQ’s patent-pending enterprise-scale AI-powered matching reconciliation engine enables Finance & Accounting (F&A) departments of mid-to-large size enterprises to automate high-volume transactional matching reconciliations while lowering cost, improving speed, reducing errors, and enhancing controls.
“This is an incredibly difficult technical problem across multiple engineering disciplines, “said Rob McDaniel, Sigma IQ’s Chief Technology Officer. “We’ve leveraged the decades of technical experience across our team to deliver a novel and exceptionally powerful technology that you simply can’t find anywhere else.”
“What sets Sigma IQ apart is its team and technology,” said YB Choi of Vulcan Capital. “They have significant functional and technical depth in this problem space and have developed a highly differentiated solution with immediate demonstrable value.”
Sigma IQ currently has several beta customers and plans to launch publicly later this year. The company was built in partnership with Seattle-based startup studio Pioneer Square Labs (PSL).
“It’s painful to watch companies deploy droves of employees to tackle a manual and time-consuming process that should be automated,” said Geoff Entress, Managing Director of PSL. “Sigma IQ’s proprietary technology is a game-changer, allowing staff to move away from manual repetitive work and instead focus on higher-impact activities.”
About Sigma IQ
Sigma IQ is a Seattle-based software company that empowers finance and accounting staff of mid-to-large-size enterprises through machine learning enabled account reconciliation software, automation tools, and supporting technologies. For more information, visit www.sigmaiq.com
About Vulcan Capital
Vulcan Capital is the multi-billion dollar investment arm of Vulcan Inc., the company founded by Microsoft co-founder and philanthropist Paul G. Allen. Vulcan Capital is focused on generating long-term value appreciation across a portfolio which spans diverse industry sectors and investment asset classes, ranging from early-stage venture investments to public equity value investing, leveraged buyouts, acquisitions, and distressed situations.
About Pioneer Square Labs
Pioneer Square Labs (PSL) is a startup studio and venture capital fund. PSL exists to champion the next generation of founders by bringing together world-class talent, big ideas and investment capital. For more information, visit www.psl.com.
According to the APQC General Accounting Open Standards Benchmarking survey (2,300 companies participated) - Cycle Time for Monthly close ranges from 4.8 days or less for the top 25% of companies to 10 days or more for the bottom 25% of performers.Learn How To Be a Top Performer
According to a study by Robert Half & the Financial Executives Research Foundation (FERF), only 13% of F&A teams have utilized advancements in technology solutions, with the majority of CFO’s admitting they still struggle with painful aspects of account reconciliation.Read About AI-Driven Cost Savings
Our newsletter is built for F&A professionals to deliver insight into new technologies, advice to advance your career and tools/tips to make your job easier so you get your evenings and weekends back.
Click here to watch a short product video or set up time to see for yourself how simple account reconciliation can be.