BLUESHEETS, an artificial intelligence (AI) automation software company, has raised US$6.5 million in Series A funding, it announced on Tuesday (Jan 23).

Venture capital firm Illuminate Financial led the round, with Insignia Ventures Partners, Antler Elevate and 1982 Ventures participating.

Bluesheets has a proprietary AI software that helps businesses digitise and automate their bookkeeping processes. These range from account receivables to account payables and includes digitising documents and centralising communications and approvals within the platform. 

It currently serves companies across industries such as accounting, finance and hospitality.

The capital will aid Bluesheets’ research and development into advancing its core AI algorithms and expanding its scope of applications, said Christian Schneider, the company’s co-founder and chief executive. 

The funds will also go towards expanding Bluesheets into industries such as financial services, insurance, supply chain and procurement, and manufacturing.

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In addition, Bluesheets will use the capital for senior hires across business development and sales.

The Singapore-based company also said it will grow its reach in key markets in the Asia-Pacific and the US.

Bluesheets currently has clients in Asia, Australia, New Zealand, Europe and the US, with most of its customers in Singapore and Australia.

Clare Leighton, Bluesheets’ co-founder and chief operating officer, said: “The funding will not only fuel our expansion into new markets, it would enable us to provide more integrations to off-the-shelf tools, adding to our current selection that includes Google, Microsoft, SAP and more.”

Information from Alternatives.pe, which provides information on private companies, shows Bluesheets’ holding company Researchmyusers last reported revenue of S$249,803 in 2022.

This was a significant improvement from revenue of S$87,356 for 2021. Its losses widened to S$3.3 million in 2022, however, from S$241,360 in 2021.