Canopy, a software provider focused on transforming accounting firm operations through artificial intelligence (AI), has raised $70m in a Series C funding round led by Viking Global Investors.
The round also saw continued participation from existing backers including Ten Coves Capital, Pelion Venture Partners, Ankona Capital, and Tenaya Capital.
This funding round follows a previous $35m investment secured in May 2024 and is intended to support further expansion of Canopy’s AI-integrated operating system.
The capital will primarily be directed towards product development, with the company stating that it aims to boost efficiency and profitability for medium and large accounting firms. Canopy also confirmed it would explore potential acquisitions as part of its growth strategy.
Founded to streamline routine accounting tasks and free up capacity for client-focused services, Canopy delivers what it describes as a firm-wide operating system. The platform includes tools that manage various functions across the customer lifecycle, from proposals and engagement letters to document handling, workflow coordination, time tracking, and billing.
The company’s software is designed to support firms of all sizes. Its infrastructure has been developed to enable smooth migration from traditional accounting platforms, with Canopy reportedly investing heavily in data portability solutions.
The new funds are expected to reinforce these efforts, particularly for larger enterprises seeking scalable digital transformation.
Canopy CEO Davis Bell said: “At Canopy, our mission is to help accountants to focus on what drew them to the profession in the first place: being accountants. They want to apply their expertise to delivering real value to clients–not chasing documents, renaming PDFs, and sending invoices.
“We were already making these tasks easier, but with AI we’re now automating them away entirely.
“This frees up time and resources and generates insights that help firms better serve clients, increase profitability, and reduce team burnout. As the operating system for accounting firms, Canopy is the natural starting point for the AI transformation of the industry.”
Canopy’s previous funding round was led by Ten Coves Capital and Ankona Capital, with participation from Pelion Venture Partners, Tenaya Capital, and NewView Capital. The company’s platform investment strategy has focused on ensuring capability across a broad client base, ranging from sole practitioners to firms employing hundreds.
