Pryce Adade-Yebesi, 24, has sold Utopia Labs, his crypto invoicing business, to Coinbase and announced the launch of his new startup, Open Ledger.
Open Ledger implants automated accounting software into products that small businesses currently use and has already raised $3 million in a round led by Kindred Ventures and Blank Ventures, as first reported by TechCrunch.
Why did Adade-Yebesi launch Open Ledger?
Adade-Yebesi started thinking about Open Ledger while running Utopia Labs as the product and operations lead.
After noticing that the businesses he operated with still used old accounting software, he teamed up with Ashtyn Bell to co-found Open Ledger.
Adade-Yebesi told Techcrunch: “When we built invoicing products at Utopia, we saved our customers 70-80% of the time they spent on accounting tasks. That experience led me to realize the need for more extensible and embedded accounting solutions.”
The fundraising process was smooth, according to Adade-Yebesi. Open Ledger met Kindred, its lead investor, as the firm has previously invested in the pre-seed round at Utopia Labs. Adventure Fund, Jonathan Chang from Brex, Guy Friedman, the CEO of SteadyMD, and Zach Abrams, who recently sold his company Bridge to Stripe for a billion, have also invested in the company.
What does Open Ledger do?
Open Ledger provides users with accounting features of fixed components, APIs, and a ledger database, which offers AI-driven categorization, reconciliation, and financial reporting. “Open Ledger aggregates and orchestrates every data source for companies, then allows AI to execute accounting functions with full financial context,” Adade-Yebesi adds.
Even though there are currently already well-known companies like QuickBooks or other startups like Layer and Teal in this industry, Adade-Yebesi says, “What is special about our approach is that we reimagined the data layer of financial transactions.”
He explained that he and his team spent seven months creating AI workflows that could be used to offer date transaction databases to interact with LLMs without disclosing consumer data to base models.
Image: TechCrunch
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