Light raised $30 million in a Series A funding round to accelerate the global expansion of its artificial-intelligence-native finance platform that is designed to replace legacy tools and meet the needs of hypergrowth companies.
The Denmark-headquartered company will use the new capital to open a new office in New York, triple its engineering team, launch a process-optimization workbench and further build out its deployment department, it said in a Thursday (Sept. 25) press release.
Light’s AI-native platform is designed to keep pace with hypergrowth companies, according to the release. It handles 280 million records in under a second; generates balance sheets instantly; manages multi-entity accounting, global payments and expense management; and matches human accuracy, the release said.
“We’re not patching old systems with chatbots,” Light Founder and CEO Jonathan Sanders said in the release. “We built finance software from scratch for how companies actually operate today.”
Rob Moffat, partner at Balderton Capital, which led the funding round, said in the release that while many finance platforms “tweak at the edges,” Light threw out “the old playbook.”
“By rebuilding the general ledger from scratch instead of bolting AI onto legacy systems, they’ve unlocked the full power of AI,” Moffat said. “The result isn’t just faster, it’s a step-change. This is the financial platform hypergrowth companies have been waiting for.”
The PYMNTS Intelligence report “Outlook 2025: CFOs Envision Growing Role for Generative AI in Finance” found that the use of generative AI in finance is growing and that chief financial officers are using the technology for higher-impact tasks.
Light came out of stealth in June 2024, at which time it announced a $13 million financing round.
Andreas Helbig, partner at Atomico, which led that funding round, said at the time that Light had made “excellent progress in its very early stages” and was already working with multinational small to medium-sized businesses operating across Europe and the United States.
The company said in its Friday press release that over the past 12 months, it saw 30x growth and its customers reported they had reduced their finance operations times by 84% after replacing their legacy enterprise resource planning systems with its AI-native platform.
Source: https://www.pymnts.com/