AI-powered forensic accounting answer secures $8.5 million Sequence A fundraise led by Silverton Companions.
BOULDER, Colo. – Valid8 Monetary, the chief in Verified Monetary Intelligence, introduced $8.5 million in Sequence A funding led by Silverton Companions with participation from Landing Ventures, First Belief, CPA.com and Capital Midwest. Valid8 offers AI-powered forensic accounting options to accounting and legislation corporations, enabling them to untangle an internet of complicated monetary transactions in hours as a substitute of weeks.
The funding comes at a essential time, as prosecutions and reported losses from fraud are on the rise, in accordance with the Division of Justice and the Federal Commerce Fee.
“Prosecutions and civil litigation stemming from fraud and different monetary malfeasance are among the many most complicated circumstances in our justice system,” stated Chris McCall, CEO and co-founder of Valid8 Monetary. “Forensic accountants and attorneys require certainty of their investigations, which is why it might take months and even years to uncover the reality behind 1000’s or hundreds of thousands of economic transactions. Valid8’s distinctive method to delivering Verified Monetary Intelligence leverages AI to expedite the method whereas assembly the very best information high quality requirements for courtroom-ready proof that professional witnesses can depend on.”
Valid8’s know-how offers verified proof for all kinds of complicated monetary issues and white-collar crime investigations, together with Medicaid fraud, partnership disputes, asset division, high-net-worth divorces, M&A diligence, audit and Chapter 11 bankruptcies.
The corporate makes use of the most recent in AI and automation know-how to quickly parse, reconcile, and categorize monetary information from quite a few sources, together with financial institution transactions, Bitcoin deposits and withdrawals, and even hand-written checks. Valid8’s AI doesn’t make any judgment about fraudulent exercise. As a substitute, it offers visualizations that show the stream of funds and clarifies which transactions require additional analysis by knowledgeable investigator.
“Utilizing Valid8’s software program has basically modified how our group works,” stated Jason Wright, Managing Director at Stout, a world funding financial institution and advisory agency. “Earlier than, it took us vital time to judge even a small pattern measurement. With this software program, we acquire a complete understanding of your complete monetary image in much less time. Our group is free of the tedious evaluation of every assertion and transaction – time-consuming work that just about each accountant needs to keep away from.”
Traditionally, accounting has trusted pattern danger assessments and rote evaluations of transactions to uncover potential fraud. Valid8’s analysis reveals that investigators spend as much as 90% of their time on such duties earlier than evaluation may even start.
“Valid8’s know-how is designed to eradicate pattern danger from accounting,” stated McCall. “It’s eye-opening to have the entire image and never be pressured to base one’s opinion on a finite portion of a monetary historical past.”
Roger Chen, accomplice with Silverton Companions, will be part of the board to assist Valid8’s continued progress and improvement.
“Accounting is ripe for innovation,” stated Chen. “As digital banking, cryptocurrency exchanges and different monetary improvements grow to be extra commonplace, accounting wants its personal breakthroughs to remain forward. Valid8’s know-how and core dedication to eliminating pattern danger signify the way forward for accounting. Past forensic accounting, this know-how already has compelling use circumstances for audit, transaction advisory, M&A due diligence and past.”
The brand new funding permits Valid8 to additional put money into its engineering and go-to-market groups, primarily at its Boulder, Colorado headquarters. To be taught extra about Valid8 Monetary and its options, please go to valid8financial.com.
About Valid8 Monetary
Valid8 Monetary is the worldwide chief in Verified Monetary Intelligence (VFI). The corporate’s platform extracts accounting proof from paperwork and methods to eradicate pattern danger, handle staffing challenges, and enhance the velocity and high quality of rendering knowledgeable opinion. A whole lot of corporations use Valid8’s software program on a few of the world’s most complicated, high-profile circumstances. The corporate holds quite a few patents and was acknowledged in 2023 as a Prime Monetary Restructuring Companies Supplier from Monetary Companies Evaluation and in 2022 as a Expertise Innovation Award Winner from CPA Follow Advisors and as a Prime 100 Early Stage Firm by Will Reed. The corporate has headquarters in Boulder and Seattle. For extra data, go to: www.valid8financial.com.
