Leading the round were US-based venture capital firm ICONIQ Growth, along with Sapphire Ventures and Meritech Capital. New investors BDT & MSD Partners and World Innovation Lab (WiL) were also involved.

Having led the financing, ICONIQ Growth will appoint Roy Luo, its general partner, to the platform's board of directors.

FloQast, a company founded in 2013, claims that it uses artificial intelligence (AI) to manage every aspect of the month-end closure process. Its main product, the Accounting Operations platform, is used by over 2,600 accounting teams globally.

With the newly obtained funding, FloQast hopes to expand its R&D activities and concentrate on creating fresh approaches to enhance existing processes in the "office of the controller."

Additionally, the company plans to use the extra funds to support both short- and long-term innovations” fueled by AI technology developments. A portion of the investment will also be used to support the company's global expansion plans.

FloQast has now closed a Series E financing during the course of the last 12 months, following in the footsteps of UK-based retirement savings company Smart, which raised $95 million last May, Scalable Capital, which raised $65 million, and AlphaSense, which raised $150 million.