Automated accounting software provider Aiwyn Inc. has raised $113 million in a funding round led by KKR’s Next Generation Technology III Fund and Bessemer Venture Partners. This latest investment brings the North Carolina-based startup’s total funding to $127 million and cements its position as a leader in accounting automation solutions.
Transforming Revenue Management with AI
Aiwyn serves more than 130 of the top 500 certified public accounting (CPA) firms in the U.S., offering its flagship platform, PracticeOS. Powered by artificial intelligence, PracticeOS streamlines the entire revenue management lifecycle, automating manual payment processes, collections, invoice reconciliations, and more.
The platform’s impact on CPA firms is substantial. Customers report:
- A 51% increase in cash flow speed.
- A 41% rise in overall collections.
- 69% of invoices paid within seven days using its Smart Statements feature.
- 89% of invoices paid within two weeks, thanks to automated reminders.
Aiwyn’s technology helps address a key challenge in the accounting industry: the slow adoption of advanced systems. A survey by Rightsworks revealed that while 88% of companies acknowledge the positive impact of technology on efficiency, 60% struggle with disconnected systems and inconsistent workflows.
Aiwyn also highlights findings from QuickBooks Ltd., which indicate that 93% of accountants believe firms utilizing technology are better equipped to weather economic challenges, such as high inflation and rising interest rates.
Expanding to a Comprehensive Practice Management Platform
Aiwyn Chairman and CEO Justin Adams said the new funding will enable the company to broaden its capabilities, evolving its payments and collections tools into a more holistic practice management solution. Central to this vision is the development of the industry’s first client experience portal, providing CPA firms’ clients with streamlined access to all their engagements through a unified interface.
Additionally, Aiwyn plans to integrate advanced AI features to enhance the platform’s functionality further. “With this investment, we are poised to redefine how firms manage their operations, from CRM to the General Ledger, while setting a new benchmark for client experiences,” Adams said.
Positioned to Disrupt an Outdated Industry
Jackson Hart, Principal at KKR’s Technology Growth team, emphasized the untapped potential in the accounting software market. “The industry has long been dominated by legacy providers, leaving a clear functionality gap,” Hart said. “Aiwyn is uniquely positioned to fill that gap with a solution that’s easy to adopt and delivers immediate improvements, notably through significant reductions in days sales outstanding.”
As Aiwyn advances its mission to modernize accounting workflows and improve client experiences, this latest funding round provides the resources needed to scale its impact, disrupt legacy systems, and set a new standard in revenue management for CPA firms.