Automated revenue management startup RightRev today announced that it has raised $13 million in new funding to accelerate product innovation, go-to-market expansion and partner ecosystem growth as the company scales up to meet what it says is surging demand for revenue automation.
Founded in 2020, RightRev offers a revenue recognition automation platform designed to help businesses comply with accounting standards like ASC 606 and IFRS 15. It automates the entire revenue lifecycle, from contract ingestion to journal entry generation, eliminating manual processes and reducing errors.
RightRev’s system offers configurable revenue rules that allow finance teams to define how and when revenue should be recognized based on specific performance obligations, including event-based triggers such as product delivery, service milestones and usage thresholds. The platform also automates complex tasks such as standalone selling price calculations and revenue allocations across bundled products or services.
The platform integrates with upstream systems such as Salesforce CPQ, as well as downstream enterprise resource planning and general ledger systems to ensure a unified data flow across the entire order-to-cash process, enhancing accuracy and compliance.
Other features of the RightRev platform include real-time revenue insights through prebuilt reports and dashboards, revenue waterfalls and deferred revenue schedules. The insights are designed to allow finance teams to monitor revenue performance continuously and close books faster by generating journal entries as transactions occur.
RighRev counts among its customers Snowflake Inc., Datasite LLC, Epicor Software Corp., CAE Inc., Docedo Inc. and Brightly Software Inc.
The Series A round was co-led by Cheyenne Ventures and Innovius Capital, with previous investors Norwest Venture Partners LP, Salesforce Ventures and Snowflake Ventures also participating.
Along with supporting go-to-market expansion and product innovation, the new funding will support expanding artificial intelligence capabilities across the RightRev platform to accelerate configuration, automate error detection and process high volumes of data efficiently.
“AI is enabling entirely new business models from on-demand, consumption-based and outcome-driven, that create massive complexity in how companies recognize revenue,” said founder and Chief Executive Jagan Reddy. “RightRev was purpose-built to handle this shift. With this funding and the backing of world-class investors, we’re doubling down on our mission to deliver speed, accuracy and intelligence to revenue teams around the world.”
The new funding takes the total raised by RightRev to $31 million, which includes a round of $5 million raised by the company in November 2021.
Image: RightRev
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