Cloud-based accounting platform AccountsIQ has secured an investment of €60m in a Series C funding round from business-to-business (B2B) software-as-a-service (SaaS) growth equity fund Axiom Equity.

The new commitment is expected to empower AccountsIQ to further develop its product. It will enable the firm to shape the future of the finance function by leveraging advancements in artificial intelligence (AI) across all aspects of the solution.

Besides, the funding will help AccountsIQ to advance to the next level of its establishment as a leading international financial management system (FMS), said the cloud-based accounting platform.

The new capital will also support the firm to expand its resources to more than double its team to over 200 people in the next few years. It will also improve its AI capability to provide more value to its diverse customer base.

Axiom Equity founding partner Martin Wygas said: “We were immediately impressed when we met the AccountsIQ team and saw the product and its positioning. The deep understanding of their customer base and forward-thinking vision deeply resonated with our team.

“Recognising the potential to accelerate AccountsIQ’s product development with additional capital and expertise, we are excited to be partnering with them to scale AIQ to the next level.”

Established in 2004, AccountsIQ offers cloud-based accounting software, implementation and support services for medium-sized companies and non-profit organisations.

By delivering automated processes that boost productivity, group accounting features and next level business intelligence, AccountsIQ provides finance leaders with an easy route to digital transformation.

AccountsIQ founder and CEO Tony Connolly said: “Having hit a critical milestone with over 1,000 customers, we are now poised to take the AccountsIQ product and service to the next level.

“This investment comes at a perfect inflection point for our offering, to allow us to leverage AI tools into practical, easy-to-adopt services for our user base; to make finance team roles more flexible, valuable, less repetitive and indeed more interesting.”