Nominal, an Israeli-based startup that leverages generative AI and cloud technology to modernize enterprise resource planning (ERP), recently announced $9.2 million in seed funding. This move, which serves as a major boost for this disruptive startup, is set to shake up the $54.76 billion ERP landscape.
This cash injection was spearheaded by the visionaries at Bling Capital and Hyperwise Ventures, with backing from major industry players like Vela Partners, Bill.com, and Salesforce. It seems as if Nominal is on its way to modernize financial management for mid-market enterprises.
Leadership and Vision
Nominal's co-founders, Guy Leibovitz (CEO) and Golan Kopichinsky (VP of R&D) are seasoned entrepreneurs in AI and data security. Their previous venture, Cognigo, was acquired by NetApp in 2019.
Negative experiences with ERP at their previous startups and a Fortune 500 company served as the impetus behind their founding of Nominal.
"The ERP market is broken. Solutions today are complex, siloed and require costly engineering," said Leibovitz. "Following a miserable experience at our startup and then at a Fortune 500 company, Golan and I decided to use our AI and data engineering experience to fix it. We are set to build a company that can make a real difference and deliver a solution that automates manual work and lets finance teams focus on strategy over spreadsheets."
A team of world-class tech experts supports them, many hailing from Israel’s elite intelligence sphere.
The Game-Changing Platform
At the heart of Nominal’s innovation is its generative AI and cloud-based technology that seamlessly integrates with existing ERP systems (and even spreadsheets). This platform not only simplifies accounting and financial management but also automates tedious tasks.
Deploying this platform empowers companies to concentrate on strategic decisions rather than getting bogged down in manual data entry.
Some of the key innovative solutions of the Nominal system include:
- Generative Workflows: Nominal redefines accounting by integrating generative AI technology into custom, lease, accrual, fixed asset, and deferred revenue processes. This helps users improve accuracy, compliance, and strategic decision-making while streamlining operations.
- Financial Data Lake: This solution offers businesses unparalleled insight and understanding through a secure, centralized platform. On top of tailored reporting and enhanced data consistency, it integrates seamlessly with existing systems for real-time decision-making and operational efficiency.
- Multi-entity Finance: Seamless multi-entity management with instant integration, automated adjustments, and real-time, accurate dimensional data analysis. With multi-currency support, it enables smart, fast, and accurate financial consolidation across borders and jurisdictions.
Nominal - Current Impact and Potential
Nominal is already streamlining financial operations for hundreds of entities, managing over $1 billion in book value. A mid-sized energy company reported savings of over 20 hours per week by automating some of its manual processes with Nominal’s solutions.
Kyle Lui, general partner at Bling Capital, perfectly summarizes the drive behind financing Nominal: “Today's dominant ERP software companies were started around 50 years ago and built for large enterprises. These solutions are expensive and difficult to implement, particularly for smaller companies with limited time and resources. Nominal leverages AI to deliver a next generation ERP solution purpose-built for mid-market enterprises that includes out-of-the-box integrations and a modern user experience."
