Botkeeper is mining a classic modern startup vein: using AI to automate out the grunt work involved in a specific area of industry. In this case, its AI-led software provides bookkeeping support to accounting firms, automating out areas like data entry, classifications, and reconciliations.
Importantly, its human assisted AI; Botkeeper isn’t quite yet at a point where AI can be handed the reins entirely. However, it can substantially improve the accuracy of bookkeeping on top of its time-efficiency - and with the US starting down the barrel of a potentially sharp economic downturn, chances are businesses will be investing more in tracking their spending.
This is motivating VCs to pour money into AI accounting startups, but that rising tide is lifting both Botkeeper and its growing competition. Just recently Pilot announced a healthy funding round, and smaller startups like Dokka, Eleven, and Docyt are all growing into the demand.
Botkeeper’s steadily growing client list and partnerships has allowed it to reduce its price point, and it’s reportedly working on building out new features - with business belts tightening, this could be the competitive edge it needs.
Steph
Company Specialist at Welcome to the Jungle