The funding, according to the 2004-founded business, would be used to help it “move to the next level of its development”.

As part of this, "growing its resources to more than double its team to over 200 people over the next few years" and "enhancing its AI capability" will be implemented.

Its cloud-based Software-as-a-Service (SaaS) accounting platform, which has been in operation since 2008, currently provides mid-sized businesses in Ireland and the UK with a range of capabilities, including automated accounting processes, multi-entity consolidation, financial reporting and analysis, and a full general ledger.

According to AccountsIQ, the company's recent efforts to integrate AI with the platform will "shape the finance function of the future" and "deliver even more value to its diverse customer base."

AccountsIQ is "now poised to take the AccountsIQ product and service to the next level," according to creator and CEO Tony Connolly.

The timing of this investment is ideal for us to apply AI technologies to provide our user base with useful, simple-to-use services. It will also enable us to make the tasks of the finance team more engaging, valuable, flexible, and less repetitive.