Smacc, an accounting and financial platform, has taken to using an AI to automate accounting.
The company, founded by Uli Erxleben, Janosch Novak, and Stefan Korsch, takes receipts submitted by their customers then turns them into machine-readable format, encrypts them, and pushes it to an account.
Their system checks invoices, sales, costs, checking, does all the math, and ensures everything is correct, including VAT-IDs. The system learns and then appropriately automates everything.
Smaac recently secured a $2.5 million Series A round from Cherry Ventures, Deiter von Holtzbrink Ventures, Rocket Internet, Grazia Equity, and angel investors. The company is on its way to provided accurate, secure, and automated accounting using AIs.