ERP systems are often described as the “central brain” of a company because the software links different departments — including finance, human resources, and inventory — into a single database where everyone shares the same information.
In recent years, a new crop of AI-powered ERP startups have emerged, such as Rillet and Campfire, hoping to replace legacy offerings like NetSuite. These companies claim that traditional enterprise resource planning (ERP) systems are outdated, expensive and time-consuming to implement.
However, according to Doss co-founder and CEO Wiley Jones, many new AI ERP systems lack robust inventory management, the process of ensuring data related to physical goods stays in sync with the accounting ledger.
Doss claims to solve this problem by providing a native AI-based inventory management layer that integrates with existing accounting systems, whether traditional ERP systems or those created by AI-based startups.
Doss announced on Tuesday that it has raised a $55 million Series B co-led by Madrona and Premji Invest, with participation from Intuit. Other new and existing inventors in the round include Theory Ventures, General Catalyst, Contrary Capital, and Greyhound Capital.
Doss, founded in 2023, originally focused on a basic accounting product similar to those offered by AI-driven startups like Rillet and Campfire. But last year, the startup decided that instead of competing with these companies, “we would rather partner with them and play a different game,” Jones told TechCrunch.
Jones explained that AI-based ERP companies manage accounts receivable, accounts payable and other financial functions, but most do not offer purchasing and inventory management that integrates with accounting workflows.
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“We’re building a lot of traceability into the supply chain, but through the lens of connecting to a financial and accounting partner,” Jones said.
In addition to Rillet and Campfire, the company’s partners include Intuit, maker of QuickBooks.
“The reason they work with us is because of that [physical goods management] “It’s not something they’re likely to build in as a core competency without putting in a lot of energy and effort,” Jones said.
Doss’ core customer base consists of mid-range consumer brands, which typically generate between $20 million and $250 million in gross revenue. One such client is Verve Coffee Roasters, a specialty coffee brand.
The startup sees it competing with traditional enterprise resource planning (ERP) systems. But these players aren’t in an ideal position in the age of AI either. For example, NetSuite recently introduced its updated AI ERP system. It is also competing with other procurement startups such as Didero.
While Jones admits that selling two ERP systems, one for accounting and one for inventory management like Doss, is “a tough sell,” he says legacy ERP systems are so difficult to implement that many customers opt to get two newer, AI-powered systems.
“I think it’s going to be a very intense battle within the middle market that will ultimately be determined by whoever rebuilds its architecture to be more visible and usable by agents,” Jones said.
