US-based expenditure analytics platform developer Digits has publicly launched having closed a $22m series B round led by GV, a corporate venturing vehicle for internet and technology conglomerate Alphabet.
The round included Benchmark, the venture capital firm that led the company’s $10.5m series A round in November 2019, according to TechCrunch. That round featured contributions from 72 angel investors including Elad Gil, Dick Costolo and Kevin Weil.
Digits has built a machine learning-driven software platform that itemises, monitors and categorises enterprise spending in real time. The data is broken down into visual graphs, and users can choose to receive notifications when important costs are incurred.
The funding was disclosed alongside the preliminary launch of Digits’ product. Small businesses will initially be allowed to use the software for free in the US, with international access due to be introduced later this year.
The company said the series B funding would theoretically sustain operations for more than 10 years at its current level of expenditure. Jessica Verrilli, general partner at GV, has joined its board of directors in connection with the round.
Digits was co-founded by Jeff Seibert and Wayne Chang, who co-founded crash-reporting tool developer Crashlytics in 2011 and who both subsequently moved into executive roles at social network Twitter.
Verrili said: “Jeff and Wayne are masterful at creating intuitive, high-utility products from complicated data. I saw this up close with Crashlytics and Twitter, and I am thrilled to partner with them on Digits as they reimagine financial software for startups.”