Numeral, an AI-powered sales tax automation platform, has secured $35 million in Series B funding. Mayfield led the round, which values the company at $350 million. This investment accelerates Numeral's mission to streamline complex sales tax compliance.
The company's platform addresses intricate sales tax management challenges. Founder Sam Ross identified this need while operating e-commerce brands.
A 2018 Supreme Court ruling significantly expanded sales tax obligations. Consequently, companies faced collecting taxes across numerous states.
Expanding AI-Driven Tax Compliance
Numeral's AI automates every aspect of sales tax management. Specifically, it tracks evolving tax laws across over 11,000 jurisdictions. Furthermore, the system handles tax-related mail, filing, and payments for clients. This advanced AI sales tax automation reduces compliance burdens.
The two-year-old company has demonstrated rapid growth. Over the past year, Numeral increased its revenue 3.5 times. It now serves over 2,000 software and Fintech clients, including EightSleep and Graza Olive Oil.
Numeral differentiates itself with an international offering. It files taxes for clients in diverse global markets like Tanzania and Kenya. Competitors in this space include Anrok, Zamp, and the established incumbent Avalara.
