SALT LAKE CITY- Canopy, the operating system designed to help accountants build the firm of the future, has just secured a massive $70 million Series C funding round.
This investment will fuel Canopy’s mission to revolutionize the accounting industry by leveraging the power of AI to boost efficiency and profitability for medium and large accounting firms.
This round comes hot on the heels of a $35 million round in May 2024, showcasing the rapid growth and potential of Canopy’s platform.
The funding round was led by Viking Global Investors, a global investment firm managing over $51 billion in capital. Existing investors, including Ten Coves Capital, Ankona Capital, Pelion Venture Partners, and Tenaya Capital, also participated, signaling strong confidence in Canopy’s vision.
The company plans to use the funds to further invest in its platform, with a particular emphasis on integrating AI to automate tasks and free up accountants to focus on delivering value to their clients.
The Announcement also affirms that Canopy is exploring growth opportunities through strategic acquisitions.
“At Canopy, our mission is to help accountants to focus on what drew them to the profession in the first place: being accountants,” said Canopy CEO Davis Bell. “We were already making these tasks easier, but with AI we’re now automating them away entirely. This frees up time and resources and generates insights that help firms better serve clients, increase profitability, and reduce team burnout.”
With over 4,000 accounting firms already trusting its solutions, Canopy is poised to become the leading operating system for accounting firms ready to embrace the AI revolution.
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