Maximor Raises $9M for AI-Powered Solution to Streamline Finance Teams’ Excel Dependency
Finance teams across various industries continue to rely on Excel for closing their books and reconciling numbers, even with advanced financial software solutions. Two industry veterans aim to address this issue by launching Maximor, a company that seeks to replace the reliance on spreadsheets with AI agents for repetitive finance tasks.
Maximor’s AI system connects directly to ERP, CRM, and billing systems, continuously pulling transactions and unifying operational and financial data in real-time. This approach can significantly reduce the time needed for month-end closures, as demonstrated by Rently, a proptech firm that cut its closing period from eight days to four and avoided hiring two additional accounting staff members after using Maximor’s platform.
Maximor’s financial agents are compatible with various ERPs such as NetSuite and Intacct, accounting tools like QuickBooks and Zoho Books, and numerous payroll, CRM, and other SaaS platforms. Once connected, they generate workpapers, reviewer notes, and audit trails, streamlining audits.
Though Maximor aims to reduce reliance on Excel, it still allows teams to export reconciled data into spreadsheets for easier audit compatibility. The platform is designed to present the processed data in its UI or directly in Excel, as per user preference.
In addition to AI agents, Maximor offers human accountants as an optional service for companies without in-house finance teams. While this may seem at odds with the startup’s promise of automation, co-founder and CEO Ramnandan Krishnamurthy explained that the software is self-sufficient, with AI agents handling end-to-end work independently. Human accountants serve as reviewers in this setup, much like traditional accounting teams where junior staff handle routine tasks while managers focus on oversight.
Krishnamurthy co-founded Maximor after years of experience at Microsoft, leading finance and data projects for Fortune 500 clients such as Coca-Cola. He was joined by Ajay Krishna Amudan, who previously worked on revamping Microsoft’s internal revenue systems and other projects. The duo has a shared history, having studied together at IIT-Madras.
The founders’ extensive finance experience at Microsoft attracted investment from CFOs and finance leaders from companies like Ramp, Gusto, MongoDB, Zuora, and the Big Four accounting firms. The seed round also included Perplexity CEO Aravind Srinivas, a former IIT-Madras classmate of Krishnamurthy, and Zuora CEO Tien Tzuo, introduced by the VCs backing the round. Institutional investors Gaia Ventures and Boldcap were also part of the funding.
Based in New York with an office in Bengaluru, Maximor currently employs 18 staff members split almost evenly between the US and India. The company is actively hiring in both locations and targets companies with at least $50 million in revenue, already serving early customers in the US, China, and India. Additionally, Maximor’s software supports both GAAP and IFRS standards, making it suitable for enterprises with a global footprint.
