Audit Insight, an auditing startup based in Atlanta, has closed a $2.5 million seed funding round to facilitate the auditing process by using customizable APIs.
The funding round was led by Hyde Park Venture Partners with participation from Alumni Ventures Group and several angel investors, including Johnson Cook, CEO of Greenlight; Aaron Rankin, co-founder of Sprout Social; and John Seybold and Ken Branson, co-founders of Guidewire Software. Ira Weiss, a Partner at Hyde Park Venture Partners who will be joining the startup’s board of directors, referred to the round by stating:
“Jonathan and T.C. know this business really well having worked in it for so long. They exemplify the founder-market fit investors are looking for, and we’re excited to see them execute on their vision and solve this expensive, time intensive and challenging process for auditors and the companies that must go through it.”
Founded earlier this year by Jonathan Womack and T.C. Whittaker, Audit Insight is looking to allow organizations to access client’s records by using APIs, allowing both parties to alleviate the load the process represents. By doing so, organizations can allocate those resources elsewhere while still keeping a high level of transparency and trust to their partners and shareholders. Whittaker, who is now acting as the startup’s CEO, referred to this mission by stating:
“After spending my career working on financial statement audits, I have seen how complicated and cumbersome they are. I always felt like you couldn’t design a worse customer experience than the audit even if you sat down and tried. Audit Sight takes the pain out of the process for both the auditors and their clients, but it is especially beneficial for clients who have to dedicate huge amounts of time and effort to pulling documents.”
The American audit services industry is expected to represent a $43 billion market by the end of this year. While auditing is an unavoidable part of running a business, existing systems used to request, compile, and share records have proven to be highly inefficient. By designing a new approach to these processes, Audit Insight believes it can save billions of dollars to companies around the world.