Former Microsoft execs launch AI agents to end Excel-led finance

Despite billions spent on modern finance software, many accounting teams still rely on Excel to reconcile accounts, close books, and prepare data for audits. Two former Microsoft executives see this as a significant inefficiency — and have founded Maximor, an AI startup aiming to automate the repetitive financial tasks still handled through spreadsheets.

Even with advanced ERP, CRM, and billing systems, many mid-sized and large companies continue to export transactions into Excel for manual reconciliation. Spreadsheets often serve as makeshift databases, with finance teams using functions like VLOOKUP to match figures across multiple files.

Maximor wants to change that. The company has emerged from stealth with a $9 million seed round led by Foundation Capital, aiming to replace spreadsheets with a network of AI agents that handle reconciliation, audits, and financial reporting.

Automating the Close Process

The startup’s AI agents connect directly to ERP, CRM, and billing systems to continuously pull transaction data. This integration provides real-time financial visibility, eliminating the need to wait for end-of-month reconciliations, said co-founder and CEO Ramnandan Krishnamurthy in an exclusive interview with TechCrunch.

Maximor claims the system helps reduce the time needed for month-end closing. One early client, Rently, reportedly cut its close process from eight days to four, avoiding two accounting hires and freeing nearly half its finance team’s time for strategic work, according to Rently CFO Dustin Neel.

The platform integrates with various tools, including accounting and ERP systems such as NetSuite, Intacct, QuickBooks, and Zoho Books, as well as payroll and CRM platforms. Once connected, Maximor’s agents generate workpapers, reviewer notes, and audit trails, streamlining the audit process.

While Maximor’s goal is to eliminate reliance on spreadsheets, Krishnamurthy noted that the platform still supports Excel exports, recognising that many auditors and finance professionals prefer to review reconciled data in spreadsheet format.

“We’re interoperable with Excel on that part,” Krishnamurthy said. “Our platform does the work and can present it in our own UI or in Excel directly.”

AI Meets Human Expertise

In addition to its AI system, Maximor offers human accountants as a backup option — either as a human-in-the-loop component for complex reviews or as a service for companies lacking internal finance teams.

Although that may sound contradictory for an automation startup, Krishnamurthy explained that the software is largely self-sufficient, with AI agents acting as preparers and humans as reviewers. “It mirrors how traditional accounting teams operate — junior staff handle routine work, while managers focus on oversight,” he said.

Founders, Funding, and Global Reach

Krishnamurthy co-founded Maximor in mid-2024 after a long career at Microsoft, where he was part of the digital transformation group, overseeing finance and data projects for major clients, including Coca-Cola. His co-founder, Ajay Krishna Amudan, now CTO, worked on modernising Microsoft’s internal revenue systems. The two have collaborated for 14 years, starting as classmates at IIT-Madras.

Their experience in enterprise finance helped attract a group of angel investors, including CFOs and finance leaders from prominent companies such as Ramp, Gusto, MongoDB, Zuora, and the Big Four accounting firms. Notable backers also include Perplexity AI CEO Aravind Srinivas and Zuora CEO Tien Tzuo. Institutional investors Gaia Ventures and Boldcap also participated in the seed round.

Headquartered in New York with an additional office in Bengaluru, Maximor currently employs 18 people across the U.S. and India and is actively expanding its team. The company targets firms generating at least $50 million in annual revenue and already serves customers in the United States, China, and India. Its platform supports both GAAP and IFRS standards, catering to global enterprises.