In a world where most accounting software still feels like it’s trying to fax you your balance sheet, Docyt just dropped a $12 million Pre-Series B raise to prove that financial automation doesn’t have to be clunky, manual, or powered by coffee-fueled interns in Excel purgatory.
Founded in 2015, Docyt has been quietly training purpose-built AI on 128 billion accounting data points while most “AI” solutions in the space are still reading the back of the box. Co-founders Sidharth Saxena, Sugam Pandey, and Baglan Rhymes Gürel built the platform to automate the grind: ingesting transactions from bank feeds, ERPs, PMS systems, classifying them with machine-trained precision, reconciling ledgers continuously, and spitting out real-time P&L and cash flow analytics that actually make sense. Manmeet Kaur runs the India operations with military-grade execution, ensuring the machine hums across time zones.
This is not generic LLMs duct-taped to a spreadsheet. This is Docyt’s High-Precision Accounting Intelligence engine paired with the Docyt Accountant Copilot, embedded AI agents that work like a senior bookkeeper who never needs a vacation, a sick day, or a “quick” chat about fantasy football standings. Audit-ready workflows, multi-entity transfer automation, real-time dashboards, all native, all designed to make month-end close less “all-nighter” and more “check your phone over coffee.”
The numbers tell their own story. Six-times revenue growth in 2021. Four-times customer growth the same year. $6 million ARR and post-tax profitability by 2022. Over 200 customers across North America and India, including multi-entity hotel groups and accounting firms who are finally done reconciling deposits by hand.
This $12 million round was led by Pivot Investment Partners with Lobby Capital, First Rays Venture Partners, Morado Ventures, Page One Ventures, and Dallas Venture Capital piling in. It’s capital aimed at scaling AI R&D, tightening ERP and PMS integrations, expanding hospitality and franchise market share, launching a GDPR-compliant EU cloud region, and hiring the kind of engineering and data science talent that doesn’t just ship code, they shift industries.
Sidharth Saxena and Sugam Pandey didn’t just raise money. They raised the bar for what “AI in accounting” actually means. Baglan Rhymes Gürel is pushing the GTM machine to take this well beyond early adopters. Manmeet Kaur is scaling the India team into a global delivery engine. And somewhere out there, a tired CFO just looked at their month-end process, muttered “Docyt,” and smiled.
