The AI startup Nominal wants to address the accountant shortage. Read the pitch deck that it used to raise $20 million.

Nominal, a startup based in New York, has successfully raised $20 million to enhance financial planning through the power of artificial intelligence. This funding comes at a crucial time as the number of Certified Public Accountants (CPAs) continues to decline. Guy Leibovitz, the co-founder and CEO of Nominal, shared the pitch deck that was instrumental in securing their Series A funding. The presentation outlined how Nominal plans to leverage AI technology to alleviate the growing accountant shortage and automate routine accounting tasks. With a significant portion of the accountant workforce nearing retirement and fewer individuals opting for the CPA exam, the need for such solutions is pressing. This latest funding round boosts Nominal's total funding to $30 million, with Next47 leading the investment, backed by Workday Ventures, Bling Capital, and Hyperwise Ventures. While the company refrained from disclosing its valuation, there is much anticipation surrounding their growth. Leibovitz, along with co-founder and CTO Golan Kopichinsky, previously established another AI venture, Cognigo, which specialized in data security and was acquired by NetApp for $70 million in 2019. Their experience at NetApp shed light on the extensive manual labor required by finance teams, which ultimately inspired the founding of Nominal. Describing Nominal as the 'Harvey for accountants and finance teams,' Leibovitz emphasizes its potential to revolutionize the field. The platform integrates seamlessly with existing enterprise resource planning (ERP) systems, enabling CFOs and financial controllers to automate a range of tasks, thereby minimizing errors and reducing manual workload. Nominal's offerings include capabilities to analyze financial forecasts and reconcile balance sheets. The company operates on an annual subscription model that scales with usage, and last year, it reported a revenue growth that doubled each quarter. The new funding will be directed towards expanding its North American operations and enhancing its AI capabilities. Currently, Nominal employs 40 staff members and serves a diverse clientele, including well-known brands like Jiffy Lube and GoGlobal. The company is not alone in its mission to innovate ERP systems with AI, as other startups like Rillet and Campfire are also making significant strides in this space, raising substantial funding recently. For a closer look at the pitch deck that helped Nominal secure its funding, certain slides have been edited for public sharing.