Singaporean AI Financial Data Startup Bluesheets Raises $6.5M in Series A Funding

An AI-focused Singaporean financial data startup has raised $6.5 million in a series A funding round. The fintech-focused VC Illuminate Financial led a $6.5 million Series A fundraising round for Bluesheets, a Singapore-based firm providing AI-powered financial data. With this funding, the four-year-old company has raised $12.5 million in total. Returning investors 1982 Ventures, Antler Elevate, the venture capital company Antler's rising growth fund, and Insignia Ventures Partners participated in the round.

Bluesheets, a 2020 startup, creates AI-driven data entry and management solutions to assist businesses in handling their financial data for reporting, accounting, and other uses. The business says it can integrate with other enterprise software products including Google, Microsoft, Quickbooks, Stripe, and SAP and update records in real-time. The new funding will be used to develop new AI products, expand globally, and onboard new employees, according to Bluesheets. The startup intends to target bigger businesses in industries like finance and insurance as part of its expansion.

According to Schneider, there are 'educational gaps' concerning the capabilities of huge language models as contrasted to the popular fields of generative AI and content production. According to him, Bluesheets stands out for its 'ability to put AI at the core of the company,' which enables automation that customers can customize to suit their needs. Nevertheless, Bluesheets competes with major players in the market that offer robotic process automation (RPA) solutions.

AI is also being used by other up-and-coming startups to assist businesses in digitizing and automating their activities. One such is Sprout Solutions, based in Manila, which was included on Forbes Asia 100 to Watch list the previous year. Sprout Solutions was established in 2015 and provides organizations with data-driven analytics, payroll automation, and assistance in disbursing employee salary advances. Cercano Ventures led a $10.7 million Series B investment round that it successfully completed.