Trullion Announces Real-Time, AI-Powered Accounting Platform, Secures Seed Financing

·3 min read

Trullion automates the process of lease accounting to establish a cost-effective, functional view of contract data for Big Four accounting firms and CFOs alike

Trullion, formerly known as SMRT, is a financial workflow automation platform that takes unstructured data such as PDFs and translates them into real-time financial reports, including Lease Accounting and Revenue Recognition. The company, with joint headquarters in Tel Aviv and New York, has raised a financing round co-led by Greycroft and Aleph. Additional strategic investors participating in the round include Verissimo Ventures and industry leaders like Bob Mylod, Artie Minson, Jody Padar and Zac Bookman.

Trullion translates vast data sets from PDF contracts, Excel and other sources into a single system for accounting teams. The platform creates real-time visibility into company financials by using AI to review items such as leases and revenue agreements and translating them into a live data image, with 360° transparency to the source data. Through automated data entry, the company prevents costly errors, saves time, and streamlines the often complicated process required of accounting stakeholders.

"Trullion is creating a single source of truth for financial leaders," said Isaac Heller, Co-Founder and CEO of Trullion. "By utilizing artificial intelligence and automation, we are creating new levels of transparency, saving time, and augmenting how accountants can access vast amounts of data."

Trullion brings new visibility and process efficiencies to Controllers, Audit Teams, and CFOs alike. It can take up to 3 hours to properly review and extract one lease contract for accurate compliance under the new ASC 842, IFRS 16 and GASB 87 lease accounting standard, creating a huge financial and time burden for internal accounting and audit teams. Trullion's cost-effective, AI-powered accounting software automatically translates agreements into accounting workflows for real-time collaboration, and is able to convert project-based compliance into an ongoing partnership.

"The financial management industry has been stagnant for many years as industry pain points, including maintaining efficiency, accuracy and transparency, restrict executives’ time and collaboration," said Brentt Baltimore, Principal at Greycroft. "We’re excited to support Trullion’s progress in revolutionizing the use of AI in accounting software and providing a clear and functional view of contract data for Big Four accounting firms and enterprise CFOs alike."

Trullion’s founding team has spent decades in growing organizations across corporate accounting and finance, product development, and strategy teams. Co-founder and CEO, Isaac Heller, spent nearly a decade managing accounting projects and product teams at Sabre Corporation and Visual Lease. Heller is joined by co-founder and CTO Amir Boldo, who previously served as SVP of R&D at Silverfort, VP Innovation at Drivenets, and other R&D leadership roles at Zerto and the elite technology unit in the Israeli army 8200. Trullion’s success can be attributed to the team’s expertise in combining innovative technology and machine learning with the universal language of business, accounting.

"While few in the accounting industry have figured out how to effectively harness the power of AI, Isaac and team are modernizing enterprise CFOs, auditors, and accounting teams’ ability to manage financial documents and data," said Michael Eisenberg, General Partner at Aleph. "Aleph is excited to support Trullion’s initiative to digitize and streamline a previously manual, costly and labor-intensive process."

With operations in New York and Israel, the new funding will allow Trullion to invest in world-class talent and new financial workflows.

About Trullion

Trullion is a financial automation platform that takes unstructured data such as PDFs and translates them into real-time financial images, including Lease Accounting and Revenue Recognition. The company creates real-time visibility into company financials by digitizing a previously manual and costly process. They are backed by Aleph, Greycroft and leading CFOs. For more information, please visit www.Trullion.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210316005168/en/

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