Dual Entry raises $90M Series A to build an AI-native ERP with same-day migration

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Hey, welcome to the TBP at Ultra Dome. What's happening? How are you doing? Thanks for having me. Sorry for keeping you waiting. We were going long with Shiel, but good to have you here. Uh, please introduce yourself, the company, and what's the news today. Thank you. I'm Santi. I'm a co-founder of Dual Entry.

We're an AERP and we're announcing our $90 million series A. Let's go. Nothing like there's nothing like the feeling of coming out of stealth with an AI ERP with 90 million of funding. It just doesn't I don't think it gets better than that. It's fantastic.

Led by none other than How long you been How long you been working on it? What were you doing before? We've been working for about a year. It It does feel good. I will say it does feel good. Um, but it feels even better to be able to run an ERP that doesn't suck like the 1990s.

But, um, for sure, we've been working for about a year now under stealth. We used to run a product company before and we suffered one of those legacy ERP migrations for over nine months. Oh, yeah. And, uh, you know, as good entrepreneurs, whenever you have a problem, that means there's an opportunity to solve.

When I'm going to steal Jord's question, when did you know you wanted to build an ERP? the first the first day we were out of the out of the other prior company.

We promised ourselves that was the day we were going to do it and it was I'll tell you it was a very unpopular you know we had we had a ton of people saying it would back you guys for any other idea other than that one because that sounds like a very stupid one. Yeah. So what is the traction?

How are you how are you how are you I mean it's the hardest system of record to rip out. It's an enterprise. It's a company that is built on something else out there. They're maybe unhappy but they're really stuck. Are you better at migrations with AI? Are you just better at sales?

Like, how do you actually onboard customers? Because I have to imagine that you have some serious traction to uh hit this series A so quickly. Yeah, that's exactly right. I mean, we we understood from the very beginning that like ERP is like having chronic back pain, right?

You it's sort of a pain that keeps growing with time. But if if you have to think about about back pain surgery, it's very risky. It's expensive. It might go wrong. And we had to fix that problem. And the backpin surge in ERPs is the implementation process. It takes, you know, nine months.

The failure rates are over 50%. It's very expensive at times two, three times the software fee. So we we fix that with our next day um ERP migration engine.

So we actually plug in to whatever system you're coming from, whether it's legacy Europe or starter cloud, and we we actually have you live by the time that you're doing the demo in most cases, whether they like it or not. Wow. Pull the data from their cold dead hands. I love it. Uh what it's our customers data?

Yeah, of course it is. Uh what what's the speaking of customers? What's the median size of a customer? Are you going uh mid-market to start? Are you going for the huge Fortune 100, Fortune 10? Uh how do you see the market now and then where will it develop? Yeah, so we we're targeting the mid-market.

We're starting with companies as small as 5 million, but we have publicly listed traded companies running on dual entry today. They're a full set of books. not not a subsidiary, not a you know, not a department, just the entire company.

And the most important thing for us is to give customers a certainty that this is the last ERP that they'll ever have to do. Yeah. You know, you you jump on, you you upgrade from starter cloud and this will take you all the way.

Why why do you think uh why do you guys think you're having more success getting people to trust you, switch over?

Is is a lot of it helping uh I imagine agentically sort of do the migration or or what's what's working now where uh you know some of the investors you talked to maybe a year ago we're saying I'd fund you but do doing anything else? Yep.

Well I think I think AI is bridging that last mile in migration especially when it comes to the mappings that need to be done.

and they're very tedious and they're conventionally done by overseas teams then you know it takes weeks and it's errorprone um but I think you know the best thing is we don't have to ask our customers for trust we just say go use it demo it out you don't have to come with us with questions and think about all the hypotheticals because you also don't know how your business is going to evolve and you know it's we're the we're the we're the only ERP in the world that we know of that can actually give you a free trial that lets you use your data and consume it and by the way this ERP migration engine is perpetual so like you can plug it and and if it takes you a month to make that decision, the data will continue to flow, you can show your CEO your reporting, you know, you can really play around with it, test all the edge cases before you make a decision.

Um, and that's how we've won the trust of our of our customers. Interesting.

Are you how are you how are you actually uh uh and and feel free to pass on the question if it's too much detail, but are you basically saying like you have an existing legacy ARP, finish out your contract, but you know, we'll start the migration over.

You can start building trust with us now and then when it comes up for your contract renewal on your existing RP, you can make the call then do I want to stay with the legacy or do I have enough trust with you guys to just you know keep running here. That's exactly right.

Um we send you a link, you click on it, we authorize the connection and the data is flowing within 24 hours.

And then you know at times people like it so much more and they realize how much time they're saving that the actual you know starting to starting to to pay for dual entry is not even the biggest issue or the biggest part of the budget is the fact that they're saving you know two or three people doing manual categorizations and the same journal entries every single month and accounting is a very repetitive task by nature but every accountant doesn't want to be bogged down in the repetitive tasks every finance team member wants to be looking and thinking you know sitting down with the CEO and saying these are the areas where you should be investing ing more this or the other.

So we should be cutting back uh not not chasing invoices or categorizing transactions and drafting the same journals over and over. So so often times they see that and they make the jump even before the contract elapses. Very cool. What's the what's the go to market going forward?

You guys have been obviously in stealth. You're out of stealth now. Are you going to get loud? You going to buy up all the billboards on the 101? What's the next move? Well well we like to get referrals. That's the best that's the best way.

Uh so far we've gotten most of our customers through referrals from existing customers and we we hope to continue that. We've never gotten so many demo requests in in an hour in the past. Uh but uh we're excited to to use those customers as a way to get the word out and and have more people come come to us.

And there's no reason why you have need to have a dinosaur in your office today. I love it. Nice. Uh you should uh yeah skip a skip the dinosaur, get a horse. We have a we have a fullsize horse here. So statues are in dual entry is really sounding like this a stallion of the the ERP market.

So dual stallion I like that the dinos very inspirational office view right there. Uh wonderful having you on the show today. Thanks so much for stopping by. Thank you for having me. Thank you John. Thanks. We'll talk to you soon. Good to meet you. Let me tell you about Wander. Find