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Light Secures €25M Series A Funding to Transform Finance with AI
In a significant move for the finance tech landscape, Copenhagen-based Light, an AI-native finance platform, has successfully raised €25 million in Series A funding.
Funding Round Highlights
The funding round was led by Balderton Capital, with participation from other leading investors including Atomico, Cherry, Seedcamp, and prominent angel investors such as Thomas Wolf of Hugging Face and Charles Songhurst of Meta. This latest investment boosts Light’s total funding to €36 million.
Revolutionizing Financial Processes
Founded in 2022, Light aims to replace traditional ERP systems with a cutting-edge AI solution. The platform is designed to efficiently process an impressive 280 million records in under a second. By automating various financial functions, Light enhances accuracy while minimizing human errors often found in conventional systems.
Remarkable Growth Metrics
In just a year, Light has experienced astonishing growth, reporting a 30x increase in its customer base. Users of the platform have reported an 84% reduction in the time required for financial operations compared to traditional tools, showcasing Light’s effectiveness in streamlining processes.
Expansion Plans in the United States
The recent funding will propel Light’s expansion into the United States, marked by the opening of a new office in New York. This strategic move aims to tap into one of the largest markets for finance technology, offering AI-driven solutions to a broader audience.
Growing the Engineering Team
With the new capital, Light plans to triple its engineering team. This growth will enable the company to hasten the deployment of its innovative AI finance platform designed specifically for hypergrowth companies of the 21st century, ensuring they have the tools necessary to thrive in an increasingly competitive environment.
