Series raises $25M in funding to replace ERP systems and revolutionize financial operations – TechStartups

Managing the complexity of financial operations, which include functions such as payments, global payroll and HR management, and treasury management, often presents a formidable challenge for businesses. This complexity is magnified when businesses are required to integrate with external third-party entities and vendors. In response to these formidable challenges, organizations frequently resort to the adoption of costly ERP (Enterprise Resource Planning) systems, which can, at times, prove intricate and challenging to navigate.

In a quest to tackle this challenging problem, three visionary entrepreneurs—Brexton Pham, Daniel Lai, and Tamby Kojak—joined forces to co-found Series, a startup that aims to streamline and automate the world’s most intricate financial processes with its Enterprise Operating System (EOS).

Since 2021, Series has been working on the development of its Series Enterprise Operating System (EOS) from its foundational stages. Over the course of several years, the Series team gained profound insights into its customer base and understood the administrative complexities and the need to automate intricate financial and operational processes on a global scale.

In a major announcement today, Series unveiled its public launch, accompanied by a noteworthy achievement of securing $25 million in funding, spanning both seed and Series A rounds. This funding was led by 776 and Basis Set Ventures, with participation from respected entities such as PearVC, Kleiner Perkins, Day One Ventures, Hustle Fund, Caffeinated Capital, Wischoff Ventures, in addition to contributions from several prominent angel investors. Series is diligently engaged in the development of software designed to centralize and streamline the finance and operations components within businesses, offering automation as a key feature.

“In a new normal where businesses care about saving money and value time more than ever, Series is a more consolidated, streamlined and efficient alternative to the traditional setup,” Pham, who serves as Series’ CEO, told TechCrunch in an email interview. “The magic of Series is the holistic suite — the more products that a customer uses, the less time they have to spend using each product and can actually focus on the core of their business.”

Series offers a comprehensive suite of ERP-like functionalities, encompassing a spectrum of tools designed for streamlining various critical operations. These include the orchestration of payroll and benefits, management of contract lifecycles, facilitation of business-to-business payments, and the meticulous handling of treasury management processes, specifically relating to a business’s cash flow and liquidity.

What sets Series apart is its unified infrastructure that underpins its modules, facilitating authentication, notifications, transactions, and ongoing event management. This cohesive system of record effectively centralizes access and permissions, ensuring meticulous monitoring of individuals and entities granted access to specific modules.

Notably, Series streamlines the transfer of essential data such as bank accounts, logins, and permission settings across its diverse modules. Furthermore, it offers customers the flexibility to integrate their preferred vendors or financial institutions—such as payroll and billing systems—seamlessly into the Series platform. This adaptability enhances the platform’s versatility and tailors it to individual customer requirements.

“We’ve created Series to not be a ‘platform’ per se, because each module is its own independent product and everything is interoperable to meet customers wherever they are in their lifecycle,” Pham told TechCrunch. “This decision was intentional even down to the product and engineering level, where every product is an independent application. And as customers adopt more products, the benefits compound and they can stitch together their own ‘ERP’ and ‘back office’ from scratch without ever needing another external system to use for reconciliation.”

Series’ mission is to help businesses “streamline their finance and operations management and effortlessly manage payments, global payroll & HR, treasury management, and more— all within a single, unified platform,” the company said on its LinkedIn page.

Brexton is Series CEO, overseeing the Series Enterprise Operating System (EOS) responsible for finance and operations management. Before assuming this role, he served in the capacity of Angel Track at First Round Capital.

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• Source: https://techstartups.com/2023/09/26/series-launches-from-stealth-with-25m-in-funding-to-replace-erp-systems-and-revolutionize-financial-operations/