Profluo (profluo.com), a startup that builds machine learning technology for the automatic processing of accounting documents, secured a seed round of investment from Early Game Ventures. The half million euros transaction is EGV’s first investment in Profluo and confirms the platform’s robust stance and encouraging initial traction.
The DLA Piper team provided legal assistance for the transaction.
Profluo is a start-up with great experience in intelligent document processing for any document type, with a strong focus on accounting documents – invoices, fiscal bills.
By using a proprietary machine learning engine, trained on hundreds of thousand of documents, Profluo not only reads the complete details of documents and validates them just like a human accountant, but can very quickly learn to suggest how the documents should be posted in any accounting system, including details of stock management, financial accounting or controlling.
Are you an accountant that processes manually hundreds and thousands of documents? Are you a stockkeeper that processes many stock moves based on invoice details? You can quickly get rid of this huge uninteresting work and of the risk to make important mistakes, by adopting Profluo.
Dan Călugăreanu, Early Game Ventures Partner, said: “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. No company will be able to survive without technology! ”
Bogdan Năforniță, founder and CEO of Profluo, 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 an 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.
The financing round from EGV will help Profluo 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 outstanding experience in the field of developing systems for automating financial-accounting processes.
Early Game Ventures (EGV) is a venture capital firm funded mostly through the Competitiveness Operational Program 2014-2020, co-funded by the European Regional Development Fund.
The European Investment Fund (EIF) is part of the European Investment Bank Group and is the leading risk financier for Europe’s SMEs through venture capital, collateral, and microfinance instruments. In Romania, the EIF implements financial instruments co-financed through structural and investment funds, such as JEREMIE 2007-2013, SME Initiative, ROP, JOP, NRDP.
The Competitiveness Operational Program 2014-2020 (POC) makes investments to address the needs and challenges raised by the low levels of economic competitiveness, in particular with regards to (a) insufficient support for research, development and innovation and (b) underdeveloped infrastructure for Information and Communication Technology. POC benefits from a € 1.33 billion allocation from the European Regional Development Fund.
The content of this material does not necessarily represent the official position of the European Union or the Government of Romania.