Ceterus, one of Charleston’s fastest-growing technology startups since its founding in 2008, has gained $10 million in a round of Series B funding from Richmond, Va.-based Harbert Growth Partners. It has raised more than $20.2 million since 2016.
The company’s software is built to simplify accounting services for business owners. Ceterus has 130 employees, and founder and CEO Levi Morehouse said the funding will go toward hiring accountants and software engineers at its offices in the Half Mile North neighborhood.
The future direction of the company will be to harness artificial intelligence for sophisticated data analysis that will target the trends that help franchise businesses run more efficiently thanks to Ceterus Edge, its automated accounting and reporting platform.
By gathering data from cash-register systems and payroll services and automatically crunching the numbers, the owners of chain businesses can better analyze store performance and cash flow.
“The future of accounting will be automated, continual and will provide entrepreneurs forward-looking insights, not just a record of the past,” Morehouse said in a news release.