Numeral, an AI-driven sales tax compliance platform based in San Francisco, has secured $35 million in a Series B funding round led by Mayfield. Additional investors in the round include Benchmark, Uncork Capital, Y Combinator and Mantis.
According to reporting by TechCrunch, this latest investment follows just six months after Numeral raised $18 million in a Series A round. The company intends to use the new funds to enhance its AI-powered platform, which assists e-commerce and SaaS businesses worldwide by managing sales tax compliance similarly to a human tax accountant, while keeping pace with ever-evolving tax regulations.
Numeral told TechCrunch that its technology is made possible by the clear-cut nature of sales tax rules, allowing most compliance tasks to be automated with a low chance of errors or AI hallucinations.
In the past year, Numeral’s revenue has reportedly increased 3.5 times, and its client base has grown to over 2,000 companies.
