RO startup Profluo raises EUR 500,000 seed round from Early Game Ventures
Profluo, a startup that builds machine learning technology for the automatic processing of accounting documents, secured a EUR 500,000 seed round of investment from Early Game Ventures (EGV).
The financing round, EGV's first investment in Profluo, is meant to help the startup strengthen its platform and "become the most trusted ally for accountants in their continuous struggle against manual work."
Profluo was founded in 2016 by Bogdan Năforniță and Cosmin Merișescu, both executives with experience in the field of developing systems for automating financial-accounting processes.
By using a proprietary machine-learning engine, trained on hundreds of thousands of documents, Profluo reads the complete details of documents and validates them, and can quickly learn to suggest how the documents should be posted in any accounting system, including details of stock management, financial accounting or controlling.
"We have been following the team of founders for some time, and we were impressed by the progress of their product. They increased massively the speed of reading, validating, and recording invoices, in every detail, in just 5 seconds per invoice. 5 seconds! The architecture is mature; it is ready for immediate adoption in medium and large companies. Profluo has all the prerequisites to cause a major positive impact in the effort of companies to do the transition toward smart digital documents. This will increase companies' efficiency and resilience in the challenging world of the future," Dan Călugăreanu, Early Game Ventures Partner, said.
"The routine activities of the accounting profession – processing and posting accounting documents – are great time wasters and generate material errors in the accounting systems. Profluo is one of the most powerful technologies through which accountants, using machine learning, can post primary documents and their corresponding accounting notes with unprecedented speed, accuracy and details. Thus, Profluo contributes to a strong reduction in wasted time and accounting errors usually associated with manual data entry and to easier compliance with the increasingly detailed statutory reporting requirements (like SAF-T), helping accountants to focus on higher value-added activities for their clients or employers," Bogdan Năforniță, founder and CEO of Profluo, said.
DLA Piper provided legal assistance for the transaction.
Early Game Ventures is a venture capital firm funded mostly through the Competitiveness Operational Program 2014-2020, co-funded by the European Regional Development Fund.
(Photo courtesy of the company)