Amsterdam-based DataSnipper, a leading intelligent automation platform for audit and finance, has raised $100 million in a Series B funding round, catapulting the company to unicorn status with a valuation of $1 billion. Index Ventures spearheaded the investment, recognizing DataSnipper's exceptional growth, as the company claims to have doubled its customer base and revenue within a year, following a prior funding round led by Insight Partners in September 2022. With a user base exceeding 400,000 across 125 countries, including renowned firms such as Deloitte and Ernst & Young, DataSnipper initially focused on external audit and now, buoyed by the recent funding, aims to expand into internal audit, tax advisory, forensic accounting, and other sectors. The company's innovative product suites, like the Cloud Collaboration Suite and AI Suite, cater to finance professionals, offering secure real-time coordination and automating analysis from unstructured data.
DataSnipper's CEO, Vidya Peters, asserts that the platform transforms the audit landscape by automating up to 90% of routine tasks, enhancing efficiency, and reducing errors. Designed to alleviate auditor burnout, the company allows professionals to redirect their expertise towards strategic insights, fostering collaboration and redefining the audit process. Peters envisions a cultural shift in auditing, where specialized skills take precedence over mundane tasks, enabling audits to be conducted more swiftly and at a higher quality. As DataSnipper sets its sights on global expansion, including the burgeoning markets in the Asia-Pacific and Latin America, the company seeks to revolutionize the industry and empower auditors to focus on essential advisory roles.