ScaleFactor, which sells finance and accounting software for small businesses, has landed $2.5 million to speed up product development.
The Austin-based startup provides a platform that provides automation tools for bookkeeping, tax compliance and financial analysis.
Investors in the seed round were Next Coast Ventures, Techstars Ventures, Firebrand Ventures, Matchstick Ventures, Edison Factory and Flyover Capital.
ScaleFactor says it uses machine learning to become more precise with use, reducing time typically required to generate and analyze financial data.
“Small businesses need to able to automate and optimize finance and accounting responsibilities,” Derek Keller of Techstars Ventures said in a statement. “ScaleFactor provides business owners with just that -- a central cockpit to monitor performance and unlock critical insights.”
The company, founded in 2014, participated in the Techstars Austin Accelerator in Spring of 2017.
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