Quick Look

  • Maximor, a U.S. enterprise software startup, announced on Monday that it has raised $9 million to expand its AI-driven financial automation platform. The platform is designed to help customers accelerate accounting tasks such as month-end close.
  • Maximor CEO Ramnandan Krishnamurthy said in an interview that the month-end close process can be slowed down by legacy software systems such as enterprise resource planning (ERP) and customer relationship management (CRM) that are not interconnected.
  • The former Microsoft executive said the company's "secret sauce" lies in its team of AI agents, which can collaborate seamlessly across these systems to perform tasks such as data reconciliation. "We are building an agent platform that can work alongside the systems companies already have," he said.

Deep Dive

The New York-based company said in a press release that the announcement comes as many finance leaders face pressure "to steer strategy while their teams are buried in reconciliations, close checklists, and fragmented systems."

The press release noted that despite "billions of dollars invested in ERP and accounting tools, technology limitations force critical workflows back to spreadsheets—creating endless manual work, slow closes, and costly errors."

According to the press release, Rently, a provider of software tools for the rental housing industry, cut its month-end close process from eight days to four days—halving the time—within the first month of using the Maximor platform.

Krishnamurthy co-founded the company with Ajay Krishna Amudan, another former Microsoft employee. Krishnamurthy told CFO Dive that the new funding will be used in part to improve the accuracy and reliability of AI agents and enhance their capabilities.

The round was led by Foundation Capital, with participation from Gaia Ventures and Boldcap, according to the press release.

The number of companies providing agentic AI tools to automate workflows is growing rapidly.

Gartner predicts that by 2028, 33% of enterprise software applications will include agentic AI, up from less than 1% in 2024; by then, at least 15% of day-to-day work decisions will be made autonomously through this technology.

Survey results released by Deloitte in late July showed that more than 80% of finance and accounting professionals believe technologies such as AI agents and generative AI chatbots could become standard tools in the industry within the next five years.

More than 40% of respondents said that improving efficiency and productivity is the greatest benefit of using AI agents to support finance and accounting processes. Other benefits mentioned include enhanced data analysis and insights, as well as improved accuracy and reduced errors.

However, Deloitte found that only 13.5% of organizations are using AI agents to support finance and accounting tasks, while about one-third said they are building or planning to adopt the technology in the future.

"There is strong momentum around agentic tools and their potential to transform the finance function," Jonathan Haynes, Deloitte's managing director of treasury transformation, said in a press release at the time. "But clearly, there are still barriers to adoption, particularly around building trust and developing talent."