Founded in 2014 by Kurt Rathmann, ScaleFactor aimed to revolutionize accounting for small and medium-sized businesses by providing a smart finance and accounting software platform. The company raised over $100 million in funding from prominent investors by marketing its solution as heavily reliant on artificial intelligence and machine learning to automate complex financial tasks. However, in 2020, reports emerged that the platform's "AI" was largely a facade, with much of the work being performed manually by a large team of accountants. This unsustainable business model, coupled with the economic impact of the COVID-19 pandemic, led to the company abruptly shutting down its operations in mid-2020.

Founded in

United States