Trullion has snagged $3.5 million in seed funding to propel its lease accounting workflow automation platform.
The startup company’s software uses artificial intelligence to read unstructured data and translate it into real-time financial reports.
The seed funding round was co-led by venture capital funds Greycroft and Aleph. Additional strategic investors participating in the round included Verissimo Ventures and individual accounting professionals Bob Mylod, Artie Minson, Jody Padar and Zac Bookman.
Trullion works by translating large data sets from PDF contract files, Excel and other sources into a single system for accounting teams. Currently the software offers modules for lease accounting and revenue recognition. Co-founder and CEO Isaac Heller had early experiences in his career that prompted him to see the opportunity to improve workflow for those two areas.
“One of my first jobs was with a corporation preparing for an IPO,” recalled Heller. “We had to go through a massive rev rec exercise. I watched everyone run around reading data, putting together spreadsheets, hiring accounting firms to do work for us. At my next job at a real estate firm, there was a massive GAAP and IFRS shift for lease accounting. I saw the same thing repeated as a public company was running around reading contracts and trying to pull the data together.”
Inspired by the new model Lemonade introduced to the insurance market, Heller wanted to create a solution that was fun and beautiful to use, as well as being a “single source of truth” for financial leaders.
But Trullion is not just targeted at controllers. Heller said there has been interest from audit teams, and indeed the software is designed to aid in compliance. Under the new ASC 842, IFRS 16 and GASB 87 lease accounting standards, properly reviewing and extracting one lease contract for accurate compliance can be time consuming. The artificial intelligence technology embedded in Trullion automatically translates agreements into accounting workflows for real-time collaboration and is designed to convert project-based compliance into an ongoing partnership.
The company has a partnership with Deloitte. The firm will introduce Trullion to clients in need of compliance around lease accounting.
Trullion was founded by Heller and Amir Boldo, who serves as chief technology officer. Heller spent nearly a decade managing accounting projects and product teams at Sabre Corporation and Visual Lease, while Boldo previously served as senior vice president of research and development at Silverfort, vice president of innovation at Drivenets, and other R&D leadership roles at Zerto and the elite technology group, Unit 8200, in the Israeli army. Trullion is headquartered in New York and Tel Aviv.
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March 17, 2021 at 01:36AM
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Lease accounting workflow startup Trullion secures seed funding - Accounting Today
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