Local tech startup Anduin has raised a $14 million seed round that its founders believe will give the company the runway it needs to work toward a long-term expansion project.
Anduin, founded in December by Pat Morrell, Justin Adams, Tanner Fritz, Ellen Choi and Chris Furlong, is an AI platform that automates and improves accounts receivable for accounting and consulting firms. The capital investment is the startup's first and was led by DC-based Venture Capital firm Revolution Ventures with participation from Relevance Ventures and Merian Ventures.
Morrell said the round came together very quickly and somewhat unexpectedly over the past few months.
"The focus had not been on courting investors. It had been on building out the platform and serving customers," he said. "The folks at Revolution are pretty remarkable. They’ve helped companies across a range of levels and industries unlock a new level of scale, and they have a unique perspective on fintech and payment trends."
Anduin will use the capital to begin scaling its AI platform and building a multilevel solution for its growing customer base, Morrell said.
"The capital will turn our team loose on building the next wave of AI solutions," he said. "We talk about the intelligence-based billing on which we built the first wave of our solution, and what we’ve heard from customers is they love what we’re doing there but want us to take that same modular intelligence approach and apply it to ... a full practice management solution."
Since launching late last year, Morrell said the Anduin team has been heads-down serving its original group of beta testers and bringing the product to market to find its next wave of customers.
"During tax season, we acquired a double-digit customer base, and we’re getting a lot of recognition in the market," he said. "It’s been a lot of cyclicals — building, testing, getting feedback and expanding, so it’s nice to see the market validated."
Morrell added, "We’re building radical, progressive technology, and we’re doing it in a really value-oriented, grounded way that I’m proud of."
