Enterprise resource planning (ERP) systems are often called a company’s ‘central brain’ as they integrate various departments like finance, HR, and inventory into one database with shared information.
Recently, AI-powered ERP startups such as Rillet and Campfire have emerged, aiming to replace legacy systems like NetSuite, criticizing them as cumbersome, costly, and slow to implement.
However, Doss co-founder and CEO Wiley Jones states that many new AI ERPs lack strong inventory management, which ensures that data on physical goods aligns with the accounting ledger.
Doss aims to address this issue by offering an AI-native inventory management layer integrating with existing accounting systems, whether from traditional ERPs or AI-based startups.
On Tuesday, Doss announced a $55 million Series B led by Madrona and Premji Invest, with Intuit also participating. Other investors include Theory Ventures, General Catalyst, Contrary Capital, and Greyhound Capital.
Founded in 2023, Doss originally focused on core accounting products like Rillet and Campfire, but shifted to partnering with these companies instead, said Jones.
Jones noted that AI-native ERP firms handle accounts receivable, accounts payable, and other finance tasks but often lack procurement and inventory management integration with accounting workflows.
“We’re building supply chain traceability through a finance and accounting partner,” Jones said.
Doss’s partners include Intuit, creator of QuickBooks, besides Rillet and Campfire.
“The reason they partner with us is that [physical goods management] is unlikely their core focus without significant effort,” Jones explained.
Doss primarily serves mid-market consumer brands, earning between $20 million and $250 million annually. One client is Verve Coffee Roasters, a specialty coffee brand.
Doss competes with traditional ERPs, which are also evolving with AI; NetSuite has launched an updated AI ERP, while Doss also faces competitors like Didero.
Jones acknowledges the challenge of selling two ERP systems, one for accounting and another for inventory management, but notes many clients prefer two new AI systems over legacy ERPs due to ease of use.
“It’ll be a fierce competition in the mid-market, determined by whose architecture becomes most user-friendly for agents,” Jones said.