Meet Pryce Yebesi: A Pioneer in the Tech World
At just 24, Pryce Yebesi has already marked a significant milestone by selling his crypto invoicing company, Utopia Labs, to Coinbase. However, for some visionary founders like Yebesi, one company is just the beginning. On a promising Monday, Yebesi unveiled his latest venture, OpenLedger, which aims to revolutionize how businesses handle accounting by embedding automated accounting software into their existing tools.
The Birth of OpenLedger
Having raised an impressive $3 million in funding led by Kindred Ventures, Yebesi conceived the idea for OpenLedger during his tenure as chief product officer at Utopia Labs. He observed a persistent reliance on outdated accounting software among businesses. “When we built invoicing products at Utopia, we saved our customers 70-80% of the time they spent on accounting tasks. That experience led me to realize the need for more extensible and embedded accounting solutions,” Yebesi shared with TechCrunch.
“Open Ledger is our answer to that challenge. An AI-driven, modular accounting tool that lives where our customers already work.”
— Pryce Yebesi
Collaboration and Innovation
Post-Utopia exit, Yebesi served as an entrepreneur-in-residence at Washington University in St. Louis. Here, he collaborated with Ashytn Bell, who was at a venture capital firm then. Together, they launched OpenLedger with a vision to address the common issues with accounting software faced by small businesses.
What Makes OpenLedger Stand Out?
OpenLedger offers innovative accounting features through embeddable components, APIs, and a ledger database that enables AI-driven categorization and financial reporting. Yebesi described their unique approach: “OpenLedger aggregates and orchestrates every data source for companies, then allows AI to execute accounting functions with full financial context.”
- Embeddable components for seamless integration.
- AI-driven financial operations.
- Enhanced security and reduced latency.
Navigating the Competitive Landscape
While legacy players like QuickBooks and startups like Layer and Teal exist in this space, Yebesi emphasizes their reimagined data layer for financial transactions as a game-changer. The team dedicated seven months to developing secure data transaction databases that interact effortlessly with LLMs without exposing consumer data.
“With this, we’re about to minimize context limits, latency, and security issues,” Yebesi stated confidently.
— Pryce Yebesi
Smooth Sailing in Fundraising
The fundraising journey was notably smooth for OpenLedger. Having Kindred as the lead investor was strategic since they invested in Utopia’s pre-seed round. Other prominent investors include Adventure Fund, Venture at Brex, Guy Friedman from SteadyMD, and Zach Abram of Bridge’s fame.
The Road Ahead for OpenLedger
The company has already signed contracts with various SaaS companies, fintech firms, and banks working with small- and medium-sized businesses—though specific details remain under wraps. Currently in beta phase, OpenLedger plans a full release by the month’s end.
The Vision for Growth
With fresh capital in hand, OpenLedger is focused on expanding its team in product development, engineering, and business growth. “We’re putting a lot towards hiring great talent, training great models for financial work internally, and investing heavily in compliance early,” Yebesi noted.
“Keep a lean team,” he advised. “And help thousands of small businesses spend more time with their customers and less time closing their books.”
— Pryce Yebesi
