Thomson Reuters Ventures Invests in Truewind
Customer Success Manager
Feb 5, 2024
Truewind’s strategic partnership with Thomson Reuters span a wide spectrum of product applications
Truewind’s seed round has grown to over $4 million to bring its suite of generative AI solutions to accountants and financial analysts
San Francisco-based AI startup Truewind is announcing additional funding led by Thomson Reuters Ventures, the venture capital arm of Thomson Reuters.
In 1952, IBM released its first large computer and accountants are amongst the first to use them. And yet, 70 years later, accounting remains an unsolved problem. The process is slow, error prone, and confusing. Truewind is revolutionizing the accounting industry using artificial intelligence and large language models, unlocking accountants and financial analysts to become true partners to their business unit counterparts.
This partnership marks another step towards that vision. Just four months following the $3 million seed round announcement, Truewind raised additional capital from Thomson Reuters Ventures. Their expertise and leadership in accounting, combined with their proven track record of partnering with early stage companies made them a perfect fit for Truewind.
Joseph Dormani, Partner at Thomson Reuters Ventures, stated:
'"We are thrilled to announce our investment in Truewind. Alex and his team have developed a novel approach to deploying generative AI that empowers accounting firms and finance teams. We could not be more excited to partner with them and help bring Truewind’s generative AI bookkeeping solutions to our customers."
Furthermore, with this investment, Truewind is announcing its first accounting firm partnership - Rooled, an outsourced CFO and accounting services firm based in San Jose, CA. In the way that Thomson Reuters brought their Checkpoint solution to 100 of the top 100 US CPA firms, Truewind is bringing generative AI workflows to accounting firms.
Johnnie Walker, Director at Rooled, commented:
“We're excited to partner with Truewind in a way that really changes how accounting work gets done. Our goal is simple: make things easier, faster, and more accurate for accountants and financial analysts. By combining our accounting know-how with Truewind's AI technology, we're looking at a future where accounting isn't just a chore, but a key part of a business's success.
This partnership is more than just a business deal for us at Rooled. It's about sharing our experience and insights to help Truewind develop tools that really matter. We're not just advising; we're collaborating closely to build something that can genuinely improve how financial operations are handled, benefiting businesses everywhere.”
Alex Lee, Co-founder and CEO of Truewind, added:
“We are excited by what this investment means for our customers. We’re bringing a next generation month-end close solution powered by AI that will reduce overhead cost and make accounting firms more profitable.
The partnership with Thomson Reuters will explore a range of AI applications for the CFO office. If you're an accounting firm or in-house accountant with a curious eye for generative AI, come talk to us.”
Truewind is a San Francisco based technology company founded in November 2022. The company is developing generative AI solutions for accountants and financial analysts of the CFO office. Since its founding, Truewind has secured partnerships with top 100 accounting firms, grown to nearly 100 customers, and is hiring for several positions.