Smacc , which uses AI to automate accounting, has secured a 3.5 million Series A round from Cherry Ventures, Rocket Internet, Dieter von Holtzbrinck Ventures, Grazia Equity and business angels. Smacc offers small and medium-sized enterprises a platform to digitize and automate accounting and financial processes. The founding trio Uli Erxleben, Janosch Novak and Stefan Korsch came up with the idea after find accounting to be the most painful part of their own startup. Erxleben managed Rocket Internet’s US ventures in New York and San Francisco, and is also the founder of Berliner Berg , a craft beer startup. Customers submit their receipts to Smacc, which are turned into a machine-readable format, encrypted, then allocated to an account. The platform gradually also self-learns, tracking invoices, sales and costs, as well as their liquidity. The system checks against some 64 data points, verifies the invoice, checking, for example, that the math adds up, and even if the VAT...
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