Sigma IQ

Sigma IQ, founded in 2016 by Glenn Wisegarver and headquartered in Seattle, developed an AI-driven platform to automate financial account reconciliations. The venture was a spinout from the Seattle-based startup studio Pioneer Square Labs. Wisegarver, a former U.S. Air Force captain with over two decades of finance expertise as a CFO at companies like Moz, drew upon his direct experience with the challenges of manual reconciliation to guide the company's mission. The firm secured a significant seed funding round on January 23, 2019, raising $3.5 million, led by Vulcan Capital and with participation from PSL Ventures and other investors. This followed an initial seed investment of $190K in December 2018.

The company's core offering was a cloud-based reconciliation engine that utilized artificial intelligence and machine learning to manage and match high volumes of transactions, moving beyond traditional manual or rules-based systems. It was designed for finance and accounting departments within mid-to-large size enterprises. The platform addressed a wide array of reconciliation needs, including accounts payable and receivable, bank transactions, credit cards, inventory, payroll, and invoices. A key feature was its rapid, zero-cost implementation, allowing clients to be operational in under a day. The system was also built with COSO framework controls in mind to enhance safety and appeal to auditors. Despite its promising start and technology, business information sources indicate that Sigma IQ is now out of business as of November 2021.

The company's approach has since shifted, and it now operates as a consultancy that partners with Palantir to implement data solutions. This new iteration of SigmaIQ focuses on deploying AI and data solutions for a variety of industries by embedding its engineers and consultants directly within client teams. The business model is industry-agnostic, tackling complex operational issues in sectors like logistics and manufacturing by working with existing legacy systems, ERPs, and data architectures. They offer fixed-fee pricing, focusing on delivering tangible outcomes in weeks by creating live data models and automated workflows using the Palantir Foundry platform.

Keywords: financial reconciliation, accounting automation, AI in finance, machine learning reconciliation, accounts payable automation, accounts receivable automation, Pioneer Square Labs, Glenn Wisegarver, Vulcan Capital, enterprise finance software, fintech automation, transaction matching, Palantir partner, data solutions consulting, operational intelligence, embedded engineering, data architecture services, digital transformation consulting, logistics data analytics, manufacturing operations improvement, Palantir Foundry implementation, business process automation, seed funding 2019