Entrepreneur Pryce Yebesi, at the tender age of 24, sold his successful crypto invoicing company Utopia Labs, to Coinbase. With one triumph already under his belt, Yebesi wastes no time and announces his next venture: Open Ledger – a system designed to integrate automated accounting software in products extensively utilized by businesses of all scales. Securing $3 million in an investment round led by Kindred Ventures and Blank Ventures, Open Ledger is now ready to redefine the way businesses approach accounting.
Open Ledger stems from Yebesi’s experience at Utopia Labs, where he saw firsthand how outdated accounting software affected businesses. Born out of this revelation is Open Ledger— an AI-supported, flexible accounting solution that embeds itself where the businesses already operate.
Previous work with small businesses and a stint as an entrepreneur-in-residence at Washington University in St. Louis, further illuminated the shared pain of dealing with archaic accounting technology among businesses. Determined to solve this issue, Yebesi joined forces with Ashtyn Bell, an AI expert from a VC firm, to create Open Ledger.
This revolutionary platform offers accounting features as embeddable components and APIs, along with a ledger database that enables AI-driven categorization, reconciliation, and financial reporting. Despite the presence of big players like QuickBooks and startups like Layer and Teal, Open Ledger’s unique approach is its reimagined data layer of financial transactions, offering unprecedented convenience and accuracy.
Yebesi and his team aim to combat context limits, latency, and security issues, and have already procured some promising contracts with SaaS companies, fintech firms, and banks. As Open Ledger moves out of its beta phase by the end of the month, the fresh funding will facilitate hiring top talent in product, engineering, and business enhancement.
Open Ledger aspires to support at least one million end users by the end of the year while maintaining a lean team model and assisting small businesses in saving precious time.
Original source: Read the full article on TechCrunch
