Accounting software startup Smacc has raised $3.9 million in Series A funding to develop its platform for automating accounting and finance processes.
The investors include Cherry Ventures, Rocket Internet, Dieter von Holtzbrinck Ventures, Grazia Equity, and certain angel investors, all of which are based in Germany.
“With the financing round, we can pursue our goal of helping thousands of small- to medium-sized companies to digitize their operational financial processes,” Smacc co-founder Janosch Novak said in a statement. “The capital from the financing round will help to develop our proprietary technology platform and further accelerate growth.”
According to Smacc, its cloud-based software converts clients’ invoices into digital form and, as it self-learns, performs further processing automatically.
Customers submit their receipts to Smacc, which turns them into a machine-readable format, encrypts them, and then allocates them to an account. The platform gradually self-learns, tracking invoices, sales and costs, as well as their liquidity.
The system checks against approximately 64 data points and verifies the invoice -- checking, for example, that the math adds up. Once the system has already learned how to deal with the supplier on position levels, it will do it automatically. According to Smacc, over time it becomes better and better at automatically dealing and allocating the data.
“The high degree of innovation of the [Smacc] software in combination with the expertise of its founding team puts Smacc in an excellent position to change the accounting software market,” said Filip Dames, founding partner of Cherry Ventures, in a statement.
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