WiseLayer, a New York-based AI FinTech company specialising in digital workers for finance and accounting teams, has raised $7.2m in funding.

The investment round was led by Canaan Partners, with participation from K5 Global, The Fintech Fund, Unpopular Ventures, and several industry angels.

WiseLayer develops AI-powered digital agents designed to automate complex, manual processes within finance and accounting teams. The company’s suite of AI workers includes Angela, an AI agent for accruals and revenue recognition, and Dennis, an AI agent for discrepancies and financial anomalies.

Additional AI agents are being developed to handle bank reconciliations, fixed asset depreciation, lease accounting, and prepaid expenses. More than 100 companies, including mid-sized firms and public corporations, currently use WiseLayer’s AI workforce.

The fresh funding will be used to enhance WiseLayer’s existing AI agents, introduce new automation capabilities, and expand its market presence.

Brendan Dickinson, general partner at Canaan Partners, said, “The exceptional early traction that WiseLayer has achieved with its many large customers, each of whom love their product, demonstrates a clear market need.

“We’re thrilled to support WiseLayer’s next phase of growth as they enhance their AI-powered digital workforce for finance and accounting teams.”

Josh Stein, CEO and co-founder of WiseLayer, added, “Finance & accounting teams have some of the most brilliant people at any company, yet their brainpower is often spent on recurring administrative and compliance tasks like accruals, rev rec, and more.

“WiseLayer’s mission is to build AI agents to automate these repetitive, laborious processes with precision, so that these highly-skilled people can focus on strategic financial initiatives that drive company growth.”