Multiplier Holdings launches with US$27.5 million in funding to power AI support for professional services firms
[SINGAPORE] Technology company Multiplier Holdings announced on Thursday (Jun 19) its launch with US$27.5 million in seed and Series A funding, as it builds artificial intelligence (AI)-native professional services companies.
The Series A round was led by Lightspeed Venture Partners with participation from Economic Development Board Investments, the investment arm of SG Growth Capital. Previous investors included SV Angel, and Ribbit Capital which led the seed funding round.
Multiplier acquires professional services companies and onboards them into its AI-driven practice management platform. It helps them develop AI solutions that automate time-consuming tasks and deliver improved outcomes for their clients.
The Singapore-headquartered company also provides hands-on technical support and continues to build new features in collaboration with its acquired companies, to improve scalability of the business.
With regards to the funding, Multiplier will use it to expand its portfolio of businesses on a global stage, and capitalise on a pipeline of interest by companies in tax, accounting and similar professional service sectors. It will also accelerate the development of its AI automation platform, as it continues to hire engineering talent in Singapore and San Francisco.
Founded by former Stripe executive Noah Pepper, Multiplier aims to offer a library of AI and workflow components that can be configured to fit the needs of each acquired company.
'Moving to Singapore for a globally oriented role and seeing the challenge and opportunity people and businesses face operating across borders is what originally inspired the idea behind the company,' said the Singapore-based chief executive and founder.
'We believe the market will reward players who deliver technology-enabled client service through an integrated platform of people and technology.'
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