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Bluesheets, a financial data startup powered by AI and headquartered in Singapore, disclosed on Tuesday that it secured \(6.5 million in a Series A funding round. The funding was spearheaded by fintech-focused VC Illuminate Financial, propelling the total funding for the four-year-old startup to \)12.5 million.
Illuminate Financial’s general partner and head of Asia, Luca Zorzino, expressed that many organizations are encountering challenges in implementing AI applications. He highlighted Bluesheets’ unique position as not only an AI implementer but also a foundational layer for broader AI adoption in financial services.
Established in 2020, Bluesheets specializes in developing AI-driven tools for data entry and management to assist companies in processing financial data for accounting, reporting, and operational purposes. The startup boasts real-time record updates and seamless integration with enterprise software tools from Google, Microsoft, Quickbooks, Stripe, and SAP.
The newly secured capital will be allocated towards staff expansion, international growth, and the development of innovative AI products, according to Bluesheets. The startup aims to target larger enterprises in industries like insurance and finance. Presently, over 200 multinational corporations spanning Asia, the U.S., and the U.K., including Pizza Express and MSIG, leverage Bluesheets for their operations.
CEO and cofounder of Bluesheets, Christian Schneider, emphasized the significant potential of large language models in automation projects, foreseeing a shift towards near-complete automation. He underlined Bluesheets’ focus on integrating AI at the core of its operations, enabling customizable automation solutions for clients.
Despite competition from industry heavyweights offering robotic process automation (RPA) products, such as UiPath and Automation Anywhere, Schneider believes Bluesheets’ approach stands out due to its client-centric adaptability and focus on comprehensive automation solutions.
In the evolving landscape of AI-driven enterprise solutions, startups like Sprout Solutions from Manila are also making strides in digitizing workflows. Sprout Solutions, recognized on the Forbes Asia 100 to Watch list, specializes in payroll automation, data analytics, and facilitating salary advances for employees. The company recently secured a $10.7 million Series B funding round led by Cercano Ventures.
While the AI funding landscape experienced a downturn, investor interest in AI applications within enterprise technology remains robust. Despite challenges like AI model complexities and fluctuating interest rates, the investment flow into AI companies has remained steady, reflecting the enduring appeal and growth potential of AI technologies.
