Campfire raised $35 million in a Series A funding round to continue building its artificial intelligence (AI)-driven enterprise resource planning (ERP) system that is designed to support companies from startup through initial public offering (IPO).
The company will use the new funding to fuel product development, investments in generative AI and expanded reach to serve companies around the world, it said in a Monday (June 30) press release.
Designed to fully replace legacy ERPs, Campfire’s solution includes a general ledger, revenue automation and close management, according to the release.
It also features a generative AI conversational interface called Ember AI that enables finance teams to use natural language to interact with their data, run advanced reporting and automate manual tasks, the release said.
“I founded Campfire because, as a customer, I lived through the pain of a legacy ERP that was holding us back,” Campfire CEO and Founder John Glasgow said in the release. “Our team has rebuilt ERP from the ground up, leveraging the latest in AI and modern architecture so finance teams can accelerate their monthly close, unlock deeper financial insights and make smarter decisions.”
John Locke, who is a partner at Accel, which led the funding round, and a board director at Campfire, said in the release that Accel believes Campfire “has the potential to reshape the ERP market.”
“Campfire’s rapid product execution, customer traction and vision for an agentic future make them uniquely poised to lead this next wave of innovation,” Locke said.
The February edition of PYMNTS Intelligence’s “CAIO Report” found that the share of chief financial officers of large firms who said they saw a “very positive” return on investment from generative AI tripled between March 2024 and December.
By December, about 88% of the CFOs said they saw a “very positive” ROI on the technology, according to the report.
In another recent development in this space, Tailor said Tuesday (July 1) that it raised $22 million in a Series A funding round to support its headless ERP platform designed for retail businesses.
In January, Springbrook Software said it added an AI tool for invoicing to its Cirrus ERP platform for local governments.
Source: https://www.pymnts.com/
