Nominal launched with Generative AI to disrupt the $44B ERP market

Emerges from stealth with $9.2M in seed funding

Nominal, leveraging generative AI, endeavored to bridge the gap between outdated, costly ERP systems and the financial management needs of modern mid-market, multi-entity businesses. The company commenced its operations with a substantial $9.2 million in seed funding from investors like Bling Capital and Hyperwise Ventures, alongside participation from Vela Partners, Incubate Fund, and executives from prominent companies such as Bill.com, Salesforce, Justworks, ServiceNow, and Intel. The ERP market, valued at $44 billion (according to Gartner 2023), has undergone significant evolution with the advent of cloud technology. However, it grappled with outdated systems that required expensive engineering to align with the needs of modern companies.

Nominal identified generative AI as a pivotal technology in addressing this challenge, especially amid declining CPA candidates and a surge in financial and accounting point solutions. Nominal's proactive approach differentiated it from existing retrieval-based assistants like SAP Joule and Sage Copilot, as it transformed business logic into automated accounting workflows. Nominal sought to address these challenges with an entirely new, generative AI-powered, and cloud-based platform. Its shadow ledger seamlessly extended existing ERPs and general ledgers, requiring no migration and posing no risk to current operations. Nominal's key innovation lay in its generative subledgers, transforming free text, documents, and spreadsheets into automated workflows tailored to business needs.