Digits Raises $65 Million in Series C; Plans to Take Living Model into Mainstream Accounting

If given an adequate amount of time, human beings can gain a grip over literally anything. This is largely why, no matter how complex the stuff got throughout our history, we were able to find a way past it. Nevertheless, as smart as the world proved to be under all circumstances, we would end up needing some external help. The said help will arrive in various forms, and yet the most important permutation among them will talk to a particular creation called technology. Technology appears as a clear anomaly because, right from the get-go, it has taught us a whole new way of living our lives. In case that itself wasn’t enough, the creation has also managed to take this dynamic across the board, therefore helping us uncover a lot more potential than we thought was present in our tank. Now, with ingenious tech properties guiding us at every step, we are well-positioned to aim for some towering goals, and a recent funding takes us closer to one such goal.

Digits, the startup that is best known for building a Living Model for financial reporting, has successfully raised over $65 million in Series C financing. Led by SoftBank’s Vision Fund, the round saw many participants, including the likes of investor Harry Stebbings’ 20VC Growth, GV and Benchmark. So far, Digits have functioned on an invite-only basis, but following the latest funding, the company has now finally announced its first ever product, Digits Reports, which will allow you to gain deeper analytics and visualizations into accounting lines, and therefore better contextualize every single transaction. As per certain reports, the cash injection bolsters up Digits’ valuation to a whopping $565 million.

At present, the company has close stakeholders in over 72 individual angel investors, and many of them are there due to the success of another organization. You see, Digits’ founders, Chang and Jeff Seibert are also the ones who built Crashlytics, a crash reporting service that will eventually get acquired by Twitter, and after a little merry go round, is currently available to the expansive Android user base. However, despite the readymade rapport-boost, Digits’ technical prowess should still dominate any discussion about it.

“We know we are building pretty compelling technology that no one else has,” said Chang, co-founder of Digits, “and the Living Model is applicable to other things. For example, if you are a bank and want to apply different lending models, our platform can automatically tell you about the financial state of a company. We are just scratching the surface of what we can do.”

While the company’s operations, as of now, are heavily based on past information, we can expect to see a big shift in this regard, with Digits intent on applying Living Model to real-time analytics and future reporting.

 

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