Materia Uses AI to Streamline Accounting Tasks
Accountants are often bogged down by repetitive, manual tasks. Materia, a startup emerging from stealth today, wants to help by automating much of that work with AI.
Materia Aims to Reduce Manual Data Entry for Accountants
The company’s platform connects to a variety of different accounting software systems to gather the necessary data, then uses AI to analyze documents, answer questions and handle tasks like reconciling transactions.
“The vision [of Materia] is to empower accountants to be their best strategic selves, and to remove those roadblocks that are preventing them from doing so,” said CEO and co-founder Gergo Varga. “[Accountants] went to school to be advisors, but a lot of the time they are stuck doing data entry or data analysis.”
Materia Founded by Team With AI and Accounting Experience
Prior to founding Materia, Varga was the CEO of news intelligence platform, AYLIEN. Before that, he was an investor at Balderton Capital where he met Materia co-founder and CTO, Cian O’Flaherty. O’Flaherty previously co-founded and led engineering at Workday competitor, Strike Technologies. The founding team also has a dedicated accountant in Nick Huber, who serves as Materia’s chief product officer.
Materia Plans to Launch Paid Product Later This Year
Currently, Materia is free to use as the startup is still in beta. The company plans to launch a paid version of its platform later this year, with pricing set to be announced closer to the official launch. Although the company is currently focusing on accounting firms, it plans to eventually make its platform available to businesses of all sizes.
“Eventually, I think there will be a world where every single business will have access to a platform like Materia,” said Varga.
