Enterprise resource planning (ERP) systems are often referred to as the “central brain” of a company because they connect various departments, such as finance, human resources, and inventory, into a single database so everyone shares the same information.
In recent years, a number of AI-powered ERP startups, such as Rillet and Campfire, have emerged, hoping to replace traditional services such as NetSuite. These companies argue that traditional ERP is difficult to use, expensive, and slow to implement.
But many new AI ERPs lack robust inventory management, a process that ensures physical item data is synchronized with accounting ledgers, according to Wiley Jones, co-founder and CEO of Doss.
Doss claims to solve this problem by providing an AI-native inventory management layer that integrates with existing accounting systems, whether traditional ERP or built by AI-based startups.
On Tuesday, Doss announced it had raised $55 million in Series B co-led by Madrona and Premji Invest, with participation from Intuit Ventures. Other new and existing inventors in this round include Theory Ventures, General Catalyst, Contrary Capital, and Greyhound Capital.
Founded in 2022, Doss initially focused on core accounting products similar to those offered by AI-native startups like Rillet and Campfire. But last year, the startup decided that instead of competing with these companies, it “would rather partner with them and play a different game,” Jones told TechCrunch.
Jones explained that while AI-native ERP companies manage accounts receivable, accounts payable and other financial functions, most companies do not offer procurement or inventory management integrated with accounting workflows.
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“We build a lot of our supply chain traceability, but it’s through the lens of working with our finance and accounting partners,” Jones said.
The company’s key partners include Rillet and Campfire. Many clients use Doss in conjunction with Intuit’s QuickBooks.
“The reason they work with us is because (materials management) is not something they are likely to build as a core competency without spending a lot of energy and effort,” Jones said.
Doss’ core customer base consists of mid-market consumer brands that typically generate peak revenues of $20 million to $250 million. One such customer is Verve Coffee Roasters, a premium specialty coffee brand.
The startup sees itself as competing with traditional ERP. But these players are also not in an ideal situation in the age of AI. For example, NetSuite recently introduced a modern AI ERP. It also competes with other agency sourcing startups such as Didero.
Jones admits it’s “difficult” to sell two ERP systems like Doss, one for accounting and one for inventory management, but says many customers are choosing to implement two new AI-powered systems because traditional ERP is so difficult to implement.
“I think it’s going to be a very competitive battle within the mid-market, and it will ultimately come down to who re-creates the architecture that is most readable and usable for agents,” Jones said.
Editor’s note: The list of Doss’ partners has been corrected in this article.
