NEW YORK: Dual Entry, an artificial intelligence startup aiming to modernize enterprise resource planning (ERP) systems, has raised $90 million in a Series A funding round led by Lightspeed Venture Partners and Khosla Ventures, with participation from GV (Google Ventures). The deal values the year-old company at $415 million.
Dual Entry’s flagship product is an AI-native platform designed to automate financial workflows and drastically accelerate ERP adoption. Its signature “NextDay Migration” feature can transfer a company’s historical financial data from legacy systems onto its platform within 24 hours—a process that typically takes months and involves costly consultants.
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The company is targeting mid-market businesses that have outgrown entry-level tools like QuickBooks but are hesitant to embark on expensive ERP migrations with traditional players. CEO Santiago Nestares said the idea for Dual Entry came from his own struggles with a “clunky” ERP migration at a previous company. “The process was so slow and painful that it became clear we needed a platform that could get businesses live in 24 hours,” he said.
Dual Entry has already signed a range of customers, from startups to a publicly listed firm. With the fresh funding, the New York-based company plans to grow its 40-person team, accelerate product development, and expand internationally.
Investors see the company as tapping into a $500 billion ERP market that has been slow to evolve beyond the shift from on-premise to cloud. Current incumbents often depend on armies of third-party consultants who charge by the hour for implementation—something Dual Entry aims to replace with automation.
“It takes understanding of what this complex process of migration is and training AI to essentially act as the data consultants,” said Ravi Mhatre, partner at Lightspeed. “Dual Entry is positioned to drastically accelerate that process.”